Glossary

Home Insured Value

The cost to replace your home in the event of a total loss.

Roof Coverage (Type)

If you have an older roof, your insurance company will likely depreciate your roof's value in the event you have a loss. Otherwise, you have full replacement coverage.

Deductible

Amount of money you must pay out-of-pocket before your insurance coverage kicks in. You may have two or more deductibles. Unless otherwise specified, when we mention a deductible, this is the base (or All Other Perils in insurance-speak). You may also have a wind/hail or storm deductible.

Wind/Hail Deductible

The amount a homeowner must pay out-of-pocket for roof repairs or replacement before your insurance company pays in case of a claim arising from damage caused by wind or hail.

Contents Limits

Expressed as a percentage of home insured value, this is the maximum amount your insurance will pay for your contents in the event of a loss (after considering your deductible).

Contents Coverage

Your insurance company will pay an extra fee to replace your contents (subject to the contents limits). Otherwise, you will receive a settlement equal to the depreciated value of your belongings (based upon their age).

Liability Limits

The maximum amount your insurance company covers in the event of claims of bodily injury or property damage sustained by others where you are responsible for their loss.

Declaration Page

A document supplied by your insurance company summarizing the coverage provided under your homeowner's insurance policy.