Home Insurance Glossary of Insurance Terms
Accidental damage cover
An optional extension to either the Building Policy or Contents Policy and provides cover against unexpected and unforeseen accidents
Buildings
The house or flat and its outbuildings at the address shown on the schedule and its garages (used for domestic purposes only) together with swimming pools, patios, terraces, tennis courts, wall, fences, gates, landlord fixture and fittings, service tanks, drain, cess pits, septic tank, pipe, cable, or central heating fuel tank.
Cash Money:
Cash, cheques, money orders, current postage stamps,(not part of a collection) National Insurance Stamps, saving stamps, or certificates, premium bonds, travellers cheques, travel tickets, season tickets, luncheon vouchers, gift tokens and phone cards all held for social, domestic or Charitable purposes.
all held solely for private and domestic purposes.
Claim
An application to an Insurance Company for Compensation
Contents
Household goods and personal effects (including Money and Valuables up to the limit shown in the schedule) which are yours, or for which you are legally responsible or belong to a domestic employee.
The policy may also cover
· home working equipment with a maximum limit
· Visitors personal belongings with a maximum limit
Credit cards
Credit cards, charge cards, cheque cards, debit cards, bankers cards and cash dispenser cards all held solely for private and domestic purposes.
Endorsement
Change in the terms and conditions of your policy. These are shown on the schedule.
Excess
The amount that you have to pay towards a claim.
Heave
See subsidence.
High Risk Items
See valuables
Home
The house or flat in which you live, and its garages and outbuildings at the risk address shown in the schedule, used solely for domestic purposes at the premises
Joint proposer
An additional policyholder and joint owner of the home to be insured.
Landslip
See subsidence.
Leased
See rented.
Let
See rented.
Listed building
A building 'of special architectural or historic interest' which has been included on a list kept by the Secretary of State for the Environment.
Loss
See claim.
New for old
Settlement of claims is based upon current cost of replacement, without making a deduction for wear and tear or age of your property. Some exclusions may apply such as clothing over two years old linen and pedal cycles, check policy wordings for details
Period of insurance
The period stated in the policy schedule usually one year
Personal possessions
Articles normally worn used or carried about the person in every day life
Premises
The address named in the policy schedule.
Proposer
The main policyholder and owner of the property to be insured.
Rented / leased / let / sub-let
Rented - The property or part of a property is rented for a regular payment for a stated time
Leased - Under a contract by which land or property is rented for a stated time by the owner to a tenant
Let - When a building is being lived in or used by someone else in exchange for a regular payment
Sub-let - To lease or rent all or part of a property (which is already leased or rented to you) to another person
Schedule
The policy schedule forms part of your Home Insurance document and contains details about the sections of the policy covered, the sums insured and the period the policy applies..
Standard construction
Built of brick, stone or concrete and roofed with slates, tiles, asphalt, metal or concrete.
Sub-let
See rented.
Subsidence / heave / landslip
Subsidence - Ground movement in a vertical direction
Heave - An upward motion caused by ground movement
Landslip - A rapid downward slip or movement of a mass of rock, earth or artificial fill
Sum(s) insured
The total amount that you are insured for under each section of the policy and the maximum amount that an Insurer would have to pay in settling a claim.
Unfurnished
Does not contain enough furniture for normal living
Unoccupied
When your home has not been lived in
Valuables
Stamp coin or medal collections, antiques (not including furniture) collectables, pictures, works of art, items made of gold, silver or other precious metals, jewellery watches and furs (may include photographic equipment Hi fi Computers etc)
You, your
The policy holder named in the schedule their spouse together with family members permanently residing
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