Ask you shop around for your home insurance policy you will read through lots of terms and papers and come across a lot of terms. It is important you know these terms so you can make sure you find the best homeowner’s insurance Palatka has to offer. Here are some of the most important terms you will likely come across:
- Accident – An unexpected incident that results in damage to or loss of property.
- Actual Cash Value – This is the value of the property at the time when damage occurred.
- Assessed Value – The value of the home that is used for state tax purposes.
- Betterment – This refers to any improvements made to the home like better windows or doors etc.
- Common Areas – Areas used by multiple renters or residences-lobby, pools, laundry areas and such.
- Deductible – How much you are responsible for before the insurance kicks in on payments.
- Flood Insurance –Coverage of damage that is the result of flooding.
- Hazard Insurance – Covers damage caused by things like wind, fire, vandalism, and other dangers.
- Lapse – The missing payments of monthly premiums results in a lapse and termination of the policy.
- Property Damage – The loss or destruction of tangible property.
- Public Adjuster – The representative of the insurance company that you will likely be working with.
- Replacement Cost – The cost or replacing damaged or destroyed property covered under the policy.
- Surcharge – Additional fees that may be incurred for certain service or to cover certain events.
- Underwriter – The person reviewing the homeowner’s insurance policy claims and applications.
When you better understand the ins and outs of the policy you are signing up for, you can be better prepared for anything that may come your way. Knowing the common home insurance terms helps take the confusion out of the process and helps you make a more informed decision. When you are looking for homeowner’s insurance in Palatka, consider heading over to St Johns Farm Bureau Insurance today to get started!