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A key requirement for making sound insurance decisions is to be aware of commonly used insurance terms. Educating yourself on frequently used insurance terms increases the understanding of the process and helps in making profitable decisions.

Listed below are some insurance terms you should know:

• Act of God: This refers to events that arise due to natural causes devoid of human intervention.
• Actual Cash Value: The current market value of lost/damaged property at the time of loss. Calculations are based on the value of your property minus the depreciation.
• Adjustor: Insurance company representative who investigates a claim and settles it.
• Cancellation: The process of terminating an insurance plan by the insurance company or on the insured person’s request.
• Claim: A demand by the insured from his insurance company for coverage and compensation due to a loss as per the terms of his insurance plan contract.
• Collision Coverage: An optional coverage that can be availed if a vehicle is damaged by collision with another object.
• Deductible: These are out-of-pocket expenses for losses up to a certain amount before your insurance company covers the remaining expenses. 
• Depreciation: It is the decreased value of an item due to its wear and tear or obsolescence over time.
• Insurance Term: The period for which a plan is valid and active.
• Loss of Use: It is insurance protection from a loss caused by the inability to use the insured property as a result of destruction or damage.
• General Liability: This covers injuries/ damage of property of a third party on insured person’s property.
• Peril: The reason for a loss e.g. fire, collision, flooding, etc. 
• Premium: An amount that the insured pays for the insurance coverage.
• Quote: An estimate of the premium for different insurance coverage options.
• Total Loss: A situation whereby the cost of damage is more than the value of the insured’s property.
• Professional Liability: Covers legal costs and expenses incurred on the complaint of a customer pertaining to the failure of the insured professional to deliver what was stated in the contract.
• Product Liability: The coverage offers protection for situations in which a product sold is claimed to be defective.
• Replacement Cost Insurance: A type of insurance coverage for repairs or replacements to damaged property.
• Underwriting: The process by which an insurance company assesses whether it should provide coverage to an applicant.

Shawn Camp Insurance Agency, Inc. offers a variety of insurance coverage options to its customers. The agents assist the insurance buyers in understanding the important terms related to the insurance plan. For more details on insurance jargons, visit Shawn Camp Insurance Agency, Inc, 2705 E. Stan Schlueter Loop Ste 101 Killeen, TX - 76542. You can also call at (254) 526 – 0535. 

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When purchasing renters insurance to financially protect yourself and your belongings, there are a variety of aspects to consider. The common questions about renters insurance that may arise in your mind have been mentioned below.

• What Is Renters Insurance?

Renters insurance refers to the coverage provided to tenants for items lost, stolen or damaged in a rental property. It also covers expenses for injuries caused to a visitor within the rental premises.

• Who Needs It?

Renters who have possessions that they cannot afford to replace/repair need renters insurance for financial protection against unforeseen expenses.

• What Does It Cover?

It provides compensation to a tenant for damaged or lost valuables due to theft, vandalism, fire and other covered perils. It also covers expenses incurred due to living on alternative premises in cases where the rental unit is uninhabitable as a result of damage.

• How Does It Work?

The amount of compensation a tenant receives depends on the kind of loss and coverage for the same. One may purchase “actual cash value coverage” or “replacement cost coverage” for personal possessions. For items like jewelry and other valuable things, additional insurance coverage may be required.

• Is It Necessary?

Even though there is no legal requirement for renters insurance, it is advisable to get it for protection from theft, damage, loss and in case of liability claims. In some cases, a property owner may require tenants to purchase renters insurance.

• How Much Does It Cost?

Renters insurance is generally affordable and depends on the place one lives in and the coverage amount carried on the insurance plan. To find a renters insurance plan that suits your budget, it is advisable to contact a reliable insurance provider for assistance with purchasing a plan that suits your needs and pocket.

• How Much Insurance Is Required?

The amount of coverage you choose should cover personal property, liability and additional riders such as collectibles, valuable personal items, etc.

• Where can I get it from?

Renters insurance should always be bought via a reputed insurance agency in your area. However, you can get online insurance quotes and then choose a plan that suits your personal requirements.

Shawn Camp Insurance Agency, Inc. offers renters insurance to its customers. The insurance is offered to financially protect possessions contained in the house, legal liabilities arising out of injuries and other financial losses arising out of covered perils. For more details on renters insurance, visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, TX – 76542. You can call at (254) 526 – 0535.

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Every home buyer needs to have thorough understanding of insurance coverage as it offers financial protection in case of damage or theft. Homeowners insurance provides coverage for costs related to interior and exterior damage to the house, personal liability coverage, etc.

As homeowners insurance is one of the financial implications of buying a home, following are some useful tips you should know before purchasing home insurance:

• Check The Limit On Personal Belongings: The amount of coverage offered by your insurance plan should be sufficient for your belongings. This includes furniture, clothes, jewelry, electronics, etc. Inquire whether some items have a sub-limit in which case you may have to buy an additional insurance coverage.
• Exclusions: There are some things that are not covered in insurance plans. These exclusions depend upon the coverage type, coverage limit and state law.
• Deductibles: A homeowners insurance coverage may include deductibles (amount of the claim that a home owner is liable to pay before the insurance plan pays for rest of the damages up to coverage limit). It is important to ensure that the amount stated as a deductible by an insurance company is within your budget.
• Coverage: The amount of coverage offered will depend mainly on the state insurance policies. Homeowners insurance covers building of the house, attached structures, personal property, medical payments, etc. against perils such as windstorms, lightning, hail, fire, smoke, theft, vandalism, water damage, etc.
• Extra Coverage: These include backed-up plumbing systems, lawsuits and other situations that are not covered by the liability coverage provided by standard homeowners insurance.
• Pricing: The pricing of an insurance coverage depends on how expensive a house is, whether it is located in a low-damage area, the material used to make it, safety features installed, past claims, crime rate in the area, age of the house, type of home credit and insurance score, coverage selections (the more coverage you buy, higher the rate), amount of deductible, etc.

Shawn Camp Insurance Agency, Inc. offers homeowners insurance to its customers. The range of coverage offered includes dwelling, personal property, loss of use, personal liability, etc. For more details on things to know about homeowners insurance, visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, TX – 76542. You can also contact: (254) 526 – 0535.

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