| HACKER INSURANCE |
|
A coverage that protects
businesses engaged in electronic commerce from
losses caused by hackers. |
| HARD MARKET |
|
A seller’s market in which
insurance is expensive and in short supply.
|
| HOMEOWNERS INSURANCE POLICY |
|
The typical homeowners
insurance policy covers the house, the garage and
other structures on the property, as well as
personal possessions inside the house such as
furniture, appliances and clothing, against a wide
variety of perils including windstorms, fire and
theft. The extent of the perils covered depends on
the type of policy. An all-risk policy offers the
broadest coverage. This covers all perils except
those specifically excluded in the policy.
Homeowners insurance also covers additional
living expenses. Known as Loss of Use, this
provision in the policy reimburses the
policyholder for the extra cost of living
elsewhere while the house is being restored after
a disaster. The liability portion of the policy
covers the homeowner for accidental injuries
caused to third parties and/or their property,
such as a guest slipping and falling down
improperly maintained stairs. Coverage for flood
and earthquake damage is excluded and must be
purchased separately. (See
Flood insurance;
Earthquake insurance) |
| HOUSE YEAR |
|
Equal to 365 days of insured
coverage for a single dwelling. It is the standard
measurement for homeowners insurance. |
| HURRICANE DEDUCTIBLE |
|
A percentage or dollar
amount added to a homeowner’s insurance policy to
limit an insurer’s exposure to loss from a
hurricane. Higher deductibles are instituted in
higher risk areas, such as coastal regions.
Specific details, such as the intensity of the
storm for the deductible to be triggered and the
extent of the high risk area, vary from insurer to
insurer and state to state. |