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HACKER INSURANCE |
A coverage that protects
businesses engaged in electronic commerce from losses
caused by hackers.
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HARD MARKET |
A seller’s market in which
insurance is expensive and in short supply.
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HOMEOWNERS INSURANCE POLICY |
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The typical homeowners insurance
policy covers the house, the garage and other structures
on the property, as well as personal possessions inside
the house such as furniture, appliances and clothing,
against a wide variety of perils including windstorms,
fire and theft. The extent of the perils covered depends
on the type of policy. An all-risk policy offers the
broadest coverage. This covers all perils except those
specifically excluded in the policy.
Homeowners insurance also covers additional living
expenses. Known as Loss of Use, this provision in the
policy reimburses the policyholder for the extra cost of
living elsewhere while the house is being restored after
a disaster. The liability portion of the policy covers
the homeowner for accidental injuries caused to third
parties and/or their property, such as a guest slipping
and falling down improperly maintained stairs. Coverage
for flood and earthquake damage is excluded and must be
purchased separately. |
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HOUSE YEAR |
Equal to 365 days of insured
coverage for a single dwelling. It is the standard
measurement for homeowners insurance.
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HURRICANE DEDUCTIBLE |
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A percentage or dollar amount
added to a homeowner’s insurance policy to limit an
insurer’s exposure to loss from a hurricane. Higher
deductibles are instituted in higher risk areas, such as
coastal regions. Specific details, such as the intensity
of the storm for the deductible to be triggered and the
extent of the high risk area, vary from insurer to
insurer and state to state. |