Renters Insurance: Terms and Glossary

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Renters Insurance Terms and Glossary
Presented By mymoneymyquotes.com
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Here are some of the common and important terms
to know in Renters Insurance
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Actual Cash Value (ACV)
Actual Cash Value (ACV) Current cash value of
the property. This is calculated by reducing
depreciation from the replacement cost.
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Additional Living Expense
Additional Living Expenses (ALE) Coverage that
provides for temporary living expenses in the
event a disaster makes your place unavailable.
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Annual Limit
Annual Limit A maximum cap on the amount your
insurance company will pay out to you in any
calendar year.
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Depreciation
Depreciation A reduction in the value of
property due to time, wear and tear.
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Appraisal
An appraisal is an unbiased professional
evaluation to determine the insurable value of
property or amount of a loss.
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Claim
A formal request made by a policyholder to an
insurance company to recover for damage or loss
covered through the policy coverages.
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