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Homeowners Insurance Glossary

Betterment: An improvement to the property or facility that increases the value.
Deductible: The amount the insured party must pay before the insurance company's own coverage plan takes in effect.
HO-6: Insurance jargon to reference condo insurance.
Liability: Legal responsibility to compensate another party for your negligence.
Replacement Cost: The financial cost to replace your home or condo. The replacement cost is different than the fair market value. For example, a home in California may be worth $500,000, but may only cost $200,000 to physically replace because of the value of the land which does not need to be replaced.
Underwriting: The insurance company process that decides to accept or reject an application for an insurance policy.