Insurance Glossary

Citizens Property Insurance (Florida)

Property

Definition

Florida's state-run property insurer of last resort, providing coverage to property owners who cannot obtain insurance in the private market, primarily for hurricane and windstorm exposure.

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Related Terms

FAIR Plan

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.

Accident Insurance

Insurance coverage for unforeseen bodily injury resulting from an accident.

Actual Cash Value

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

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.

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