Insurance Glossary

Loss of Use Coverage

Property

Definition

Coverage that pays for additional living expenses if you must temporarily relocate due to a covered loss that makes your home uninhabitable, such as fire or severe storm damage.

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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.

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

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