Insurance has a language problem. Here are 50 terms you'll actually run into, defined the way we'd explain them across the desk.
Insurance has a language problem. Here are 50 terms you'll actually run into, defined the way we'd explain them across the desk.
What your stuff is worth today, with depreciation taken out. A five year old TV gets paid as a five year old TV.
Someone besides you who's covered under your policy, like a landlord or a business partner.
The person the insurance company sends to look at your claim and figure out what gets paid.
That's us. Licensed to advise you, quote you, and manage your coverage. Independent agents work with many carriers, not one.
A professional opinion of what something is worth. Often needed for jewelry, art, or older homes.
Temporary proof of coverage while the paperwork catches up. Handy at a car dealership or a real estate closing.
The part of your policy that pays when you injure someone else. Medical bills, lost wages, legal costs.
Buying more than one policy from the same carrier, usually home and auto. Almost always earns a discount.
Ending a policy before its renewal date. You can cancel anytime. A carrier can too, but they need a reason and notice.
The insurance company itself. The one that collects premiums and pays claims. We work with several.
A one page proof that your business is insured. Landlords and clients ask for these all the time.
Your formal request for the insurance company to pay for a covered loss.
Pays to fix your car after an accident, no matter who caused it.
Covers car damage that isn't a collision. Theft, hail, fire, deer.
The summary page of your policy. Who's covered, for what, for how much. If you read one page, read this one.
What you pay out of pocket on a claim before insurance pays the rest.
The value something loses as it ages. It matters a lot in how claims get paid.
The part of a home policy that covers the structure of the house itself.
An add-on or change to a policy. Also called a rider. Jewelry coverage is a common one.
Something a policy specifically does not cover. Worth knowing before you need to know.
Separate coverage for flood damage, which standard home policies don't include. Yes, we can write it.
Casual shorthand for liability plus collision and comprehensive. Not a legal term, so make sure yours means what you think it means.
Extra time to pay after the due date before anything cancels.
Industry conditions where rates rise and carriers get picky. When shopping around matters most.
Covers your house, your belongings, and your liability at home.
An agency that represents multiple carriers instead of one, so it can shop your coverage. That's us.
Pays for injuries and damage you cause to other people. The core of most policies.
The most a policy will pay for a covered loss. You choose it when you buy.
Pays for a place to stay when a covered loss makes your home unlivable.
Pays small medical bills after an injury, no fault-finding required.
The person or business the policy actually belongs to.
New York's system where your own policy pays your injury bills after a car accident, whoever caused it.
The no-fault coverage itself. Medical bills, lost wages, and more after an auto accident.
Covers your stuff. Furniture, clothes, electronics, wherever it happens to be.
The contract between you and the carrier. The declarations page is the summary. The policy is the whole deal.
The person who owns the policy. Probably you.
What you pay for insurance, monthly or annually. Paying in full often earns a discount.
An estimate of what a policy will cost. Free, always. Especially here.
The point where a policy term ends and a new one begins, usually with a new price. The right time to re-shop.
Covers a tenant's belongings and liability. The landlord's policy doesn't.
Pays what it costs to buy new, without subtracting depreciation. The better way to insure your stuff.
Another word for endorsement. An add-on to a policy.
When your carrier pays your claim, then goes after whoever caused the loss to get the money back. It can bring your deductible back too.
How long a policy lasts, usually six or twelve months.
Extra liability coverage on top of home and auto. Protection for lawsuit-sized problems.
Protects you when the at-fault driver has some insurance, but not enough.
How a carrier sizes up a risk and decides what to charge for it.
Protects you when the at-fault driver has no insurance at all.
A contract clause where a carrier gives up its right to chase the at-fault party. It shows up in business leases and contracts.
Covers employees hurt on the job. Required for most New York employers.
Send us your policy and we'll walk you through what it actually says.