Insurance Glossary

Coverage A - Dwelling

Property

Definition

The primary coverage in a homeowners insurance policy that protects the physical structure of your home, including walls, roof, floors, built-in appliances, and attached structures like an attached garage. This coverage pays to repair or rebuild your home if it's damaged or destroyed by a covered peril such as fire, wind, hail, or lightning. The coverage limit should reflect the cost to rebuild your home at current construction prices, not the home's market value or purchase price.

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Related Terms

Homeowners Insurance

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

Replacement Cost

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

Actual Cash Value

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

Collision Coverage

Insurance coverage that pays for damage to your vehicle resulting from a collision with another vehicle or object.

Comprehensive Coverage

Insurance coverage for damage to your vehicle from causes other than collision, such as theft, vandalism, fire, weather events, or hitting an animal.

The scope of protection provided under an insurance policy, including the types of losses and risks that are covered.

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

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