Insurance Inkling

2. A payment required by an insurer to provide insurance for a specified period of time
6. Things that cause damage to a property and can include fire, windstorms, hail, vandalism, and theft
8. Reimburses policyholders for personal property destroyed by certain peril
9. Offered by many states to make insurance available to people who cannot get coverage in the open market
10. This gets paid off if a covered property is destroyed
11. Not included in a standard policy and may be required by the lender if the property is located in a designated flood zone

1. Pays the cost of rebuilding/repairing the home or replacing possessions without a deduction for depreciation
3. The amount of money the insured pays for every loss
4. Coverage that pays for additional costs of living away from home if the owner cannot live there due to a covered peril
5. Pays to replace the home or possessions minus a deduction for depreciation
7. Covers against lawsuits for bodily injury or property damage that the owner or a family member (including pets) causes to other people, pays for both the cost of defending the owner in court and any court awards up to the limit of the policy
12. Provides a seven-year history of insurance losses associated with an individual and his/her personal property. The FACT Act entitles the client to a free copy of this every 12 months