Insurance Terms

Actual Cash Value

In many states, this means that, in the event of a covered loss, you’ll be paid the current replacement cost of what you lost, minus depreciation. (This generally includes the estimated wear and tear on the item damaged or the loss in value of that item because of aging and use.) The total amount you’d be paid would be subject to the terms of your particular policy, including applicable deductible and coverage limits.

Additional Living Expenses Coverage

With this coverage, we’ll pay the reasonable increase in living expenses necessary to maintain your normal standard of living when a direct physical loss we cover makes your residence premises uninhabitable. This may include payments for the additional costs of a place to stay, food and other increased living expenses.


A charge, tax or fine against all individual condo owners by the association.


The management body of the condominium owners collectively.

Bodily Injury

Means physical harm to the body including sickness or disease, and resulting death, except that bodily injury does not include: a) any venereal disease; b) Herpes; c) Acquired Immune Deficiency Syndrome (AIDS) d) AIDS Related Complex (ARC); e) Human Immunodeficiency Virus (HIV)


The portion of a covered loss that you agree to pay before the insurance company becomes responsible for payment under the policy. A larger deductible usually means a lower premium. For example, if the covered claim is $1,000 and your deductible is $250, you pay $250 and your insurance company will pay $750.

Family Liability Protection

Provides protection for insured persons who become legally obligated to pay for covered accidental bodily injury or property damage to others. This protection does not cover auto liability claims.

Guest Medical Coverage

Provides protection for your guest, who are accidentally injured on your property as a result of a covered loss. This protection pays for the reasonable and necessary medical expenses they incur, regardless of who was at fault.

Liability Protection

This typically provides coverage if you, as an insured person, are legally obligated to pay damages due to bodily injury of others or for damage to their property arising out of a covered loss. For example, you’re playing catch with your friends, you throw the ball and it inadvertently crashes through your neighbors’ window and breaks something. The property damage you accidentally caused may be covered here.

Loss Assessment Coverage

This generally pays for your share of expenses for a covered loss, up to your policy limits, when your association requires an assessment on all unit owners for certain covered losses.

Personal Property Protection

Provides protection against covered loss to movable property like a stereo, bicycle, furniture or clothing. Most Homeowners, Condominium, Manufactured Home or Renters Insurance Policies set aside special coverage limits for movable personal property and categories of personal property, like jewelry, money and securities. You can increase the coverage limits for these and other possessions by selecting an Optional Coverage endorsement for your Homeowners, Condominium, Manufactured Home or Renters Insurance Policy.

Protection for Other Structures

Protects an insured’s structures which are separated from the dwelling by a clear space. Protects structures like a detached garage, storage unit, fence, gazebo…(Exceptions: Renters and Condominium Policy).

Replacement Cost Coverage

In the event of a covered loss, you may be reimbursed for the cost you incur to replace many of your damaged contents with similar property, brand new. The total amount you’d be reimbursed is subject to the terms and conditions of your particular policy, including applicable deductible and coverage limits.