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Renters Insurance: Terms and Glossary

Knowing the lingo of trade is very important to understand and make the right decision. Familiarizing yourself with the common insurance industry terms for renters insurance is very important so you can understand your coverages and at the same time better equipped to negotiate for the best price on your renters insurance quote or policy. Know about some of the important terms to know in Renters Insurance. Have a look at the PPT presenting Renters Insurance: Terms and Glossary<br>

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Renters Insurance: Terms and Glossary

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  1. Renters Insurance: Terms and Glossary Presented By: mymoneymyquotes.com

  2. Renters insurance Renters insurance is used and maintained by people to over their belongings within their living premises like apartment, townhouse, condo or home.

  3. Here are some of the common and important terms to know in Renters Insurance

  4. Actual Cash Value (ACV) Actual Cash Value (ACV) –Current cash value of the property. This is calculated by reducing depreciation from the replacement cost.

  5. Additional Living Expense Additional Living Expenses (ALE) –Coverage that provides for temporary living expenses in the event a disaster makes your place unavailable.

  6. Annual Limit Annual Limit –A maximum cap on the amount your insurance company will pay out to you in any calendar year.

  7. Depreciation Depreciation –A reduction in the value of property due to time, wear and tear.

  8. Appraisal An appraisal is an unbiased professional evaluation to determine the insurable value of property or amount of a loss.

  9. Claim A formal request made by a policyholder to an insurance company to recover for damage or loss covered through the policy coverages.

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