A Quick Guide To Home Insurance Terms And Jargon

Listening to an expert talk about anything can be7. Exclusion - All home insurance companies will
incredibly daunting and baffling these days. Therespecify property and occurrences that a
are specialist terms for everything in the financialpolicyholder cannot claim on. These are the
industry, even for the most simple of things, andexclusions.
that routinely means that a consumer rarely8. High-risk items - Belongings that are of a high
understands exactly what he or she is signing ormonetary value and are more likely to get stolen.
getting into. This is unfair because most jargonThis includes televisions, jewellery, art, computers
could easily be phrased in layman's terms forand so on.
everybody to understand. However, help is now9. Household - Home insurance companies define
at hand with homeowners insurance explainedhousehold as everyone living under the one roof,
below. With this jargon buster, you'll beat thefrom adults to children to pets.
home insurance companies by understanding10. Liability - Accepting liability is taking
every word they say:responsibility for damage to your or someone
1. Accidental damage - Visible or internal damageelse's person or property.
to property that home insurance companies deem11. Loss Adjuster - This is an individual employed
to be created accidentally. For example, rippingon an independent basis by a home insurance
sofa upholstery is covered, but pet damage iscompany to assess a claim and determine the
not.amount that will settle it. He or she will negotiate
2. Buildings - A policy offered by home insurancewith both the home insurance company and the
companies that covers the structure and fittingspolicyholder who has claimed.
of your house, any outbuildings, swimming pools12. Sum Insured - This is the figure or amount
and so on.that your property is actually insured for.
3. Claim - A claim is made when you report lost,However, if there are limits imposed by the home
stolen or damaged items and seek a settlementinsurance companies, it is also the maximum that
in order to replace them.will be paid out for each individual claim.
4. Condition - The part of the policy printed by13. Underwriter - This is the individual or individuals
the home insurance companies that stipulates thewithin the home insurance companies that actively
rules that have to be adhered to in order for youassess your application against the risk they would
to keep the policy in force.be taking by insuring you. That assessment is
5. Contents - A policy that covers your belongingsthen how much your premium, or payment for
and non-structural property against loss, theft andcover, will be.
damage.14. Unoccupied - This is a term used to describe
6. Excess - The amount of money that you willyour home if is left standing empty for more
need to cover in order to make a successfulthan 30 consecutive days out of the year.
claim from the home insurance companies.