A.M. Best Company was founded in 1899 and is a credit rating organization that serves the insurance industry. Policyholders can refer to A.M. Best's ratings to assess the financial strength of insurance companies.
Auto insurance is a type of insurance that insures a policyholder against losses incurred to their vehicle or from damages caused while operating their vehicle, in a covered claim.
Contents coverage is a standard type of coverage offered under a homeowners insurance policy that protects the policyholder in the event their personal possessions are lost or damaged in a covered claim.
A deductible is a payment amount that a policyholder agrees to pay in the event of a loss before the insurer begins paying towards a covered claim.
Dwelling coverage is offered under a standard home insurance policy to protect the homeowner against losses that occur to the structure of their home.
An endorsement (also known as a rider) is additional coverage that is added onto an insurance policy to provide additional coverage for specific items such as jewelry.
Flood insurance is an insurance policy that protects a homeowner from flood damage that occurs in a covered claim to their home and/or personal property.
Homeowners insurance is an insurance policy that protects a homeowner against losses that occur to their home. It also typically includes liability and medical payments coverage.
An insurance agent is responsible for providing insurance consultation services and is required to be licensed in the states they are selling insurance in.
An insurance claim is a request for payment issued by a policyholder to an insurance carrier in the event of a covered claim.
An insurance policy is a contract issued to a policyholder by an insurer declaring coverage inclusions and exclusions.
Liability coverage is a type of insurance coverage provided under a standard home insurance policy that protects the insured against financial loss in the event of a covered lawsuit.
Loss of use coverage
Loss of use coverage is provided under a standard homeowners insurance policy to help reimburse the insured for living expenses in the event their home becomes uninhabitable due to a covered claim.
Medical payments coverage
Medical payments coverage is included in a standard home insurance policy to protect the insured in the event that a non-resident is injured on their property and does not want to file a lawsuit. Medical payments coverage helps provide payment for medical expenses.
Other structures coverage
Other structures coverage is part of a standard homeowners insurance policy that protects covered homeowners against financial loss in the event that a structure on their property, aside from their home, is damaged in a covered claim.
A peril is a risk or loss that an insurance policy covers. Some covered perils may include wind, hail, fire and theft.
Replacement cost is the amount that it would cost to build a home back to its original condition in the event of a covered claim. Replacement cost is calculated by multiplying the square footage of the home by the building cost per square foot.