Mortgagee Clause -
This clause protects the company who holds the mortgage on your property. The mortgagee is the bank or financial institution.
A mortgagee clause states that losses are payable to the mortgagee as a right of first recovery. |
Mysterious Disappearance -
Property vanishes with no known explanation. |
Partial Loss -
Any loss that does not completely destroy the insured policy. An example would be a kitchen fire that ruined the kitchen
but the remainder of the house suffered no fire damage. |
Peril -
This term is used to describe the cause of loss such as fire, explosion, windstorm, etc. |
Personal Property -
Any property of an insured other than real property (real estate and appurtenant structures). |
Personal
Theft Policy - This separate insurance policy is not required by homeowners
in addition to Homeowners Insurance because theft protection is included automatically in your Homeowners Policy. |
Physical Hazard -
Hazards which arise from the condition, occupancy or use of the property itself. For example, trees in your yard present
an additional risk of falling on your house. |
Replacement Cost -
Homeowners can add an endorsement to their policy that increases personal property coverage from Actual Cash Value to Replacement
Cost. This additional coverage pays the full cost of replacing your personal property. |
Umbrella Liability Policy -
A separate insurance policy that provides broad coverage for your liability over and above any other liability coverage
you have. |
