Insurance Glossary

Louisiana Road Home Program

Property

Definition

Louisiana's disaster recovery program providing grants to homeowners for hurricane damage repair and rebuilding, created after Hurricanes Katrina and Rita in 2005.

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Related Terms

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.

Homeowners Insurance

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

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