Important Home Insurance Terms to Know

Common home insurance definitions.handshake in front of home

If it is your first time securing a homeowners insurance policy, then you might be feeling a little out of your depth.  One reason why new homeowners struggle to get the coverage that they need is because they are unfamiliar with common insurance terms.  To ensure that you make smart coverage decisions, here are some of the important home insurance definitions that you should know.

Liability Insurance– Your homeowners insurance policy is made up of several different types of coverage.  One of the main types of coverage included in your policy is liability insurance.  Liability insurance protects you and your family from legal claims that arise if someone sustains injuries or property damages that you can be held responsible for.  Personal liability insurance will cover the medical and compensation costs of affected parties.  This type of insurance will also cover the cost of your legal defense should the affected parties decide to sue.

Dwelling Protection– Dwelling protection is one of the main coverages included in home insurance policies.  This portion of your policy offers coverage for the physical structure of your home and all the components that are attached to the home.  This includes things like flooring, cabinetry, fireplaces, attached garages, decks, and so on.  Your dwelling protection will help you pay to repair the damages your home sustains during a covered peril, such as a storm, fire, break-in, and so on.

Additional Living Expenses Coverage– Additional living expenses is one of the main types of coverage included in your homeowners insurance policy.  If your home is made uninhabitable due to a covered peril, then this coverage will help you cover the cost of temporarily living elsewhere.  This coverage will help you pay for things such as hotel stays, temporary apartment/home rentals, restaurant bills, clothing, pet boarding, and so on.

Insurance Adjuster-An adjuster is a representative of your insurance company who will handle claims.  If you call to report a claim, then an adjuster will come out to your home, assess the damage or situation, and then file and payout your claim.

These are some of the important home insurance terms that you should know.  Do you need further help with your homeowners insurance?  If so, then contact the team at Miller Carlisle Insurance Services.  Our experts are ready to assist you with all your coverage needs today.