Home Insurance Terms (Florida Glossary)

🛡️ Actual Cash Value (ACV)

The value of your property after subtracting depreciation. ACV pays what the item is worth today, not what it costs to replace.

🏠 Additional Living Expenses (ALE)

Covers hotel stays, meals, and temporary housing if your home becomes uninhabitable after a covered loss.

🌪️ All Perils / Open Perils

A policy type that covers all causes of loss except those specifically excluded.

🔧 Appraisal

A dispute‑resolution process used when you and the insurance company disagree on the amount of a loss.

📄 Binder

Temporary proof of insurance issued before the full policy is finalized.

🔥 Coverage A (Dwelling)

The amount of insurance that covers the structure of your home — walls, roof, foundation, and attached structures.

📦 Coverage B (Other Structures)

Covers detached structures like sheds, fences, and detached garages.

🛋️ Coverage C (Personal Property)

Covers your belongings — furniture, electronics, clothing, appliances, etc.

🚧 Coverage D (Loss of Use)

Pays for additional living expenses if you must temporarily move out after a covered loss.

🧱 Coverage E (Personal Liability)

Covers you if someone is injured on your property or you cause damage to someone else’s property.

🩹 Coverage F (Medical Payments)

Pays small medical bills for guests injured on your property, regardless of fault.

💧 Deductible

The amount you pay out of pocket before insurance kicks in. Florida policies often have separate hurricane deductibles.

🌬️ Hurricane Deductible

A percentage‑based deductible that applies only to hurricane‑related wind damage.

📉 Depreciation

The reduction in value of an item due to age, wear, or condition.

🧾 Endorsement

An add‑on or modification to your policy that changes coverage.

🏚️ Exclusion

Anything your policy does NOT cover — for example, flood is excluded from standard home insurance.

📊 Insurance Score

A rating factor based on credit‑related information used by insurers to predict risk.

🛠️ Loss Assessment

Coverage that helps pay HOA or condo association assessments after a covered loss.

📍 Loss History Report (CLUE)

A record of past insurance claims tied to you or your property.

🧾 Policy Declarations Page (Dec Page)

The summary page listing your coverages, deductibles, endorsements, and premium.

🏗️ Replacement Cost Value (RCV)

The cost to rebuild or replace damaged property without subtracting depreciation.

🌧️ Water Backup Coverage

An optional endorsement that covers damage from backed‑up drains or sump pumps.

🌀 Wind Mitigation

Home features (roof shape, clips, nails, shutters) that reduce wind damage and lower your premium in Florida.

Related Florida Insurance Pages