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Insurance Dictionary R

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  1. RENTERS INSURANCE
    A type of insurance that cover's personal belongings of people who are renting a property. It also provides personal liability coverage for damage the policyholder or dependents cause to third parties. Other coverage also includes additional living expenses and a portion of the contents while away from the premise. The personal property can be covered for their replacement cost value or their actual cash value.

  2. REPLACEMENT COST
    Coverage that pays the dollar amount needed to replace damaged personal property or dwelling property with like kind, without deducting for depreciation. A person can not collect for more than the maximum dollar amount ton the declarations page of their policy.