Property Insurance

Definition

• A type of insurance policy purchased to provide financial protection from damages to property resulting from perils such as fire or theft. Common forms of property insurance include homeowners insurance, renters insurance, earthquake insurance, and flood insurance.

Synonyms
real and personal property insurance, content insurance, property coverage

Related Terms and Acronyms

• Act of God (AOG) — Acronym,
  • When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
• Blanket Insurance — Definition,
  • A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
• Catastrophe Insurance — Definition,
  • Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
• Chartered Insurance Professional (CIP) — Acronym, Canada, Very Important,
  • A designation for professionals working in the casualty and property insurance industry.
  ➥ See also Fellow, Chartered Insurance Professional (FCIP).
• Chattel — Definition,
  • Personal property that can be moved.
• Chattel Mortgage — Definition, Important,
  • A loan backed by movable personal property. Generally mobile or trailer homes.
• Commercial Property Floater — Definition,
  • Insurance that provides coverage for property that is not fixed to one single location.
• Commercial Property Insurance — Definition,
  • Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
• Consignment Insurance — Definition,
  • Insurance for assets on loan, consignment, in transfer of ownership, or up for auction.
• Demolition Insurance — Definition,
  • Insurance that covers demolition costs for an irreparably damaged building.
• Face Value — Definition,
  • The value of an asset, or the size of an insurance benefit.
• Fire Insurance — Definition,
  • Insurance that covers losses from fire damage to insured assets.
• First Dollar Coverage — Definition,
  • Insurance coverage that does not require the insured to pay a deductible.
• First Loss Insurance Policy — Definition,
  • An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
• Fixed Premium — Definition,
  • Insurance or annuity premiums that stay level for a specific period of time.
• Floater Insurance — Definition,
  • Insurance that covers assets not commonly covered by an existing policy such as electronics or jewelry.
• Flood Insurance — Definition,
  • An insurance policy that provides coverage for the damages resulting from flooding. Canadian homeowners are currently unable to purchase flood insurance.
• Flood Plain (flpl) — Abbreviation,
  • Land that is prone to inundation.
• Hazard Insurance — Definition,
  • Insurance that covers hazards that are considered risky enough not to be covered by a standard insurance policy.
• Homeowners Insurance — Definition,
  • A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
• Homeowners Insurance Binder — Definition,
  • A document accompanying a homeowner's insurance policy that verifies the property is properly insured.
• Incurred But Not Reported (IBNR) — Acronym,
  • An estimate of how much an insurance company owes to policyholders for losses that have already occurred but have not yet been reported.
• Insurable Interest — Definition,
  • Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.
• Insurance (insur) — Abbreviation,
  • An arrangement where one party provides financial protection to another party for specific damages or losses.
• Insurance Institute of America (IIA) — Company,
  • An organization in America for developing curriculums, administrating examinations and providing certification programs for professionals in various insurance industries.
• Insurance Institute of Canada (IIC) — Company Est. 1899, Canada,
  • A group of insurance professionals who work together to provide education and training programs, professional development, and networking for students and insurance professionals.
• Insurance Policy — Definition,
  • A legal contract between an insurer and entity that specifies what the insurer is required to cover and any benefits the insured entity is entitled to.
• Insurance Proceeds — Definition,
  • The benefits received by an individual after a claim has been verified.
• Insurance Renewal — Definition,
  • Extending the term length on an insurance policy.
• Intangible Asset — Definition,
  • Non-physical resources or rights to other assets. Patents, goodwill, permits and computer programs are examples of intangible assets.
• Intangible Property — Definition,
  • Property that does not have value itself, but represents something else. Stocks, bonds and franchises are examples of intangible property. Business furniture and equipment are examples of tangible personal property.
• Inventory — Definition,
  • Stock on hand in the form of goods ready for sale. Also includes raw material in the process of being manufactured or completed for sale.
• Mortgage Insurance — Definition, Very Important,
  • Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
  • A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
  ➥ CanEquity offers mortgage insurance.
• Named Perils Insurance Policy — Definition,
  • Insurance that only provides coverage in the event of a loss from a peril specifically named in the insurance policy.
• Non-Scheduled Personal Property — Definition,
  • Assets considered common enough that they are automatically covered by property insurance without the need for an appraisal or receipt.
• Peril — Definition,
  • Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
• Personal Lines — Definition,
  • Property and/or casualty insurance policies of individuals or whole families.
• Personal Property (PP) — Acronym,
  • Property that is movable and not permanently attached to a dwelling or structure.
• Policy — Definition,
  • A set of rules or guidelines.
  • An insurance contract.
• Reinstatement — Definition,
  • Resuming an insurance policy that has either lapsed or been terminated.
• Renter's Insurance — Definition,
  • Insurance that covers renters for liabilities or damages occurring to or within insured property.
• Self-Build Insurance — Definition,
  • Insurance that covers a homeowner for problems involved in a construction project.
• Single Interest Insurance — Definition,
  • Insurance that covers a single party when more than one party has a stake in a property.
• Title Binder — Definition,
  • Insurance that covers both the buyer and seller of a property until the property has sold.
• Total Loss (Ltot, TL) — Acronym & Abbreviation,
  • When as asset is considered to be damaged beyond repair.
• Uninsurable Peril — Definition,
  • Something that cannot be insured due to a high risk of loss.
• Utilization — Definition,
  • How frequently a policyholder makes use of their insurance policy.
• Vandalism and Malicious Mischief Coverage — Definition,
  • Insurance that covers property owners for damages resulting from acts of vandalism.
• Wear and Tear Exclusion — Definition,
  • A provision that absolves an insurer from paying for damages resulting from an asset's normal wear and tear.
• Windstorm Insurance — Definition,
  • Insurance that covers damages resulting from windstorms.
• Winter Range Form — Definition,
  • Insurance that covers damages to animals and livestock due to winter weather.
• Wool Growers Floater — Definition,
  • Insurance that covers those who own, store, or transport sheep and wool.