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Insurance Glossary

Ordinance or Law Coverage

Property

Definition

Insurance that covers the increased costs of rebuilding to meet current building codes after a covered loss, as older homes may not meet modern code requirements.

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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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