A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Actual Cash ValueA claim payout method that reimburses what an item is worth today, after subtracting for age and wear.
- ClaimA formal request you file with your insurer to be paid for a covered loss or medical expense.
- Homeowners InsuranceCoverage that protects your house and belongings against damage and covers you if someone is hurt on your property.
- Renters InsuranceAffordable coverage that protects a tenant's belongings and provides liability protection inside a rented home.
- Dwelling CoverageThe part of a home policy that pays to repair or rebuild the physical structure of your house after covered damage.
- Coverage LimitThe most an insurance policy will pay for a covered loss, above which you cover the rest yourself.
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Plain-English education — not personalized legal, tax, or investment advice.