Insurance Glossary

Equipment Breakdown Coverage

Property

Definition

Insurance that covers the cost of repairing or replacing home systems and appliances that break down due to mechanical or electrical failure, such as HVAC systems or water heaters.

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Related Terms

Homeowners Insurance

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

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.

Coverage

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

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