Terms and Definitions

A decision by an insurance company not to renew a policy at its expiration date.

An insurance company's decision not to renew a policy after the current term ends. Companies must appropriately notify policyholders prior to nonrenewing coverage, usually 30 days.

When the limit of insurance exceeds the value of the property insured.

The exposure to or cause of a possible loss, such as an injury, destroyed or lost property, etc.

All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.

A formal written contract of insurance.

The time your policy is in force, from the effective date to the expiration date.

The person who applied for, pays for and is issued the insurance policy.

The amount of money an insurance company charges to provide coverage.

Protects personal property and land against loss or damage, as outlined in a home insurance policy.

A number that, when multiplied by a limit of insurance or a measure of exposure, determines your premium.

Land, as well as anything permanently attached to, embedded in or growing on it.