Insurance 101:  Important Insurance Terms to Know

• Replacement Cost -  This is the amount it would take to replace a premises with like kind and quality at todays current cost.

• Actual Cash Value (ACV) - Cost to replace a premises or item at the time of the loss, minus
  depreciation.

• Dwelling - A place or house in which a person lives.

• Personal Property - This is your property (or contents). This would be your furniture,
  clothing, all of the things in your home.

• Loss of Use - Reimbursement for any extra
  living expenses due to having to live elsewhere while your home is being repaired following a claim.

• Liability -  Insurance for what the policyholder is legally obligated to pay because of bodily
  injury or property damage caused to another person.

• Deductible - Amount of loss that the insured pays before the insurance kicks in.