Act of God
An unpreventable accident or event that is the result of natural causes (i.e., earthquake, hail, lightning, etc.).
Actual Cash Value
Actual Cash Value usually means the sum of money required at the time of the loss to repair or replace the property destroyed, less an amount for depreciation. Actual Cash Value equals the replacement cost less depreciation. Most standard home insurance policies cover the contents of your home (i.e., personal belongings) on an actual cash value basis, but it is possible to purchase replacement cost.
Additional Living Expense
Any necessary increase in living expenses incurred by the insured, so that the household may maintain its normal standard of living.
Additional Structures Coverage
In addition to covering your residence (dwelling coverage), your homeowner’s insurance also includes protection for damage to additional, detached structures on your property. Whether you have a detached garage, gazebo or shed, your homeowner’s policy will generally cover those structures as well.
Applicant
The person(s) who complete(s) and signs a written application for insurance. After the insurance application is accepted, approved and bound, the applicant is then referred to as the insured.
Appraisal
A survey by a Claims Representative or Claims Adjuster estimating the total amount of damage to property (i.e., home, car, etc.) and the cost to repair.
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