Resources

An estimation of how much it will cost to replace or repair something damaged or stolen minus depreciation (the decrease in value over time).

A person who has an insurable interest in your home and who is entitled to coverage under your insurance policy. In some cases, an additional insured may be an entity. Usually the insurer will have specific guidelines to address adding an additional insured to your policy.

A person added to your insurance policy that only receives notification of coverage in effect (e.g. cancellation notice, nonrenewal notice, etc.). An additional interest does not have an insurable interest in your property and is not entitled to collect a claim payout in the event of a covered loss.

Someone who investigates claims to determine how much your insurance company should pay you for damages/losses to your property.

UPCIC appointed insurance agent who sells, services, or negotiates insurance policies independently on behalf of our company.

The scope of protection provided under an insurance contract/policy.

This is a summary of your insurance policy, and includes key information such as coverage amounts, deductible, named insureds, agent information, etc. Remember, that this is only a summary of your policy. It is in your best interest to review your policy carefully to determine actual coverages and policy provisions.

The dollar amount that must be exceeded before your insurer will pay for a covered loss. The deductible may be reflected as a flat dollar amount or a percentage of one of the Section I coverages. This amount will not be included in any claim payment you may receive. Depending on the state, deductibles may be separated by perils such as hurricane, wind, sinkhole, all other perils, all perils, etc.

The date and time at which your insurance policy coverage begins and ends. These dates define the policy period or policy term.

Established by the Florida Legislature and funded by surcharges on insurance policies. This assessment is exclusive to the state of Florida and goes toward emergency management activities within the state.

An exclusion, addition, or any other type of change to the original terms of your insurance policy.

A provision of your insurance policy referring to a peril, circumstance, or property not covered by the policy.

Coverage that protects you against loss or damage to real or personal property by the peril of flood. Most Homeowners insurance policies exclude flood coverage.

An action, condition, circumstance, or situation that makes the occurrence of a peril or loss more likely (e.g. corroded pipes, exposed wiring, unfenced pool, etc.).

Having a financial stake in a piece of property, to the extent that you would suffer an economic loss if that property were damaged or destroyed.

Insurance policies are legal contracts referred to as indemnity contracts, between you and your insurance company. Indemnity is compensation for damages or loss. Therefore, an insurance policy helps to make you “whole again” after covered damages or losses have occurred. Insurance is a way of transferring risk from one person or entity to another.

A term used to describe the person(s) who are covered under an insurance policy (may also be referred to as policyholder).

A company authorized to write property and/or casualty insurance under the laws of a particular state.

Refers to the maximum amount your insurer may pay for any afforded coverage as stated on your declarations page and/or within the insurance policy language, in the event of a covered loss.

Amount for which something can currently be sold on the market. Think of this as the price your paid for your home. Because markets fluctuate, your insurance company will not insure your home using the market valuation. Instead, they will use a replacement cost or other form of valuation.

An event or circumstance that causes or may potentially cause a loss (e.g. fire, flood, theft, etc.).

Insurance contracts that are written to tailor coverage to specific types of property.

Clauses in an insurance contract that lay out the exact conditions for which coverage is provided (all the details of your insurance policy).

Refers to how much your insurance policy costs—what you will pay to be insurer—usually on an annual basis.

An estimate of how much your insurance policy will cost in relation to what type of coverage you’ll receive. It’s important to remember that a quote is only an approximation of what your final premium will be. Final premium is not determined until the policy is reviewed by the insurer (underwritten).

Refers to land and any structures attached to it (e.g. fence, shed, garage, etc.), including your home. It is important to note that insurance does not cover land, rather your structures on the land.

An insurance policy issued to replace an expiring policy.

An estimation of how much it will cost to replace or repair something damaged or stolen with a similar item of the same quality, make, and model. Replacement cost does not consider depreciation and usually does not include the cost of wear and tear.

Specific enhancements to your home that can reduce the severity of damage due to high winds (e.g. hurricane shutters).