Peril |
The exposure to or cause of a possible loss, such as an injury, destroyed or lost property, etc.
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Personal Property |
All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
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Policy |
A written contract for insurance between an insurer and a policyholder. |
Premium |
The price a home insurance company charges for a specified risk over a specified period of time. |
Property Coverage Insurance |
Protects personal property and land against loss or damage, as outlined in a home insurance policy. |
Real or Tangible Property |
Land, as well as anything permanently attached to, embedded in or growing on it. |
Replacement Cost Coverage (on Dwelling) |
Pays for the cost to replace damaged property or structures without factoring in deductions for depreciation, but payment is limited to a maximum dollar amount. |
Replacement Cost Coverage (on Contents) |
Pays for the cost to replace damaged personal property or items at current costs without factoring in deductions for depreciation.
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