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Insurance Glossary

Insurance terms and definitions from W. M. Jones & Company.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact W. M. Jones & Company today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
HACKER INSURANCE
A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.

HARD MARKET
A seller’s market in which insurance is expensive and in short supply.

HOMEOWNERS INSURANCE POLICY
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.

HOUSE YEAR
Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.

HURRICANE DEDUCTIBLE
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.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

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*****Important FEMA Information********

 

Homeowners.... You must go through your insurance company first.....FEMA comes in behind your insurance for further possible assistance...

You must register 1-800-621-3362 If you lost income because you can't go to work... Call FEMA 1-800-621-3362 and register for disaster unemployment If your vehicle flooded out in the storm....

You'll need to have liability coverage on your vehicle at the time of the disaster, your title and registration for FEMA (1800-621-3362) to pay.

If you have full coverage you must file with your insurance company first.

If you're under mandatory evacuation... Call FEMA and register... You will get up to 2 months of rental assistance at the fair market value of your area.

If you have bills you are behind in or if you have some coming due you can call them EVERY COMPANY is pushing back due dates & some are even credited full months of service if you're in Houston or surrounding areas.

Call your light companies, phone companies, cable companies, etc and ask them for extensions to give yourself time to come back from this disaster!!



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