Insurance Glossary

Beach Plan

Property

Definition

A state-sponsored property insurance program that provides wind and hail coverage for coastal properties in hurricane-prone areas. Beach Plans operate as residual markets when private insurers decline to provide coverage. Also known as Wind Pools or Wind and Hail Underwriting Associations.

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Related Terms

A residual market mechanism (also called Wind and Hail Underwriting Association) that provides wind and hail coverage for coastal properties unable to obtain coverage in the voluntary market. Common in hurricane-prone states like South Carolina, North Carolina, Texas, and Louisiana.

Fair Access to Insurance Requirements Plan - state-mandated insurance programs providing property coverage to high-risk properties that cannot obtain insurance in the standard market, available in multiple states including California, Illinois, and Massachusetts.

Actual Cash Value

The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.

The decrease in value of property over time due to wear, tear, age, or obsolescence.

Replacement Cost

The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.

Homeowners Insurance

Insurance coverage that protects your home and personal property against damage, theft, and liability claims.

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