Homeowners Insurance terms starting with S

8 terms

1. Scheduled items Articles such as jewelry, furs, stamps, coins, guns, computers, antiques, and other items that may exceed normal policy limits in your regular homeowner…
2. Settlement After negotiating, the amount you agree to accept from the insurance company as full payment for your loss.
3. Sewer Back-up and Sump Pump Overflow Coverage Coverage available for an additional premium to your homeowners insurance policy that pays for damage caused by sump pump failure or sewer back-up.
4. Short rate cancellation Cancellation by the insured of an insurance policy for which the returned unearned premium is diminished by administration costs incurred when the…
5. Single interest insurance Insurance coverage for only one of the parties having an insurable interest in that property.
6. Staff adjuster Employee of the insurance company’s claims department.
7. Surcharge An extra charge applied to the premium by an insurance company, usually applied as a result of at-fault accidents or moving violations.
8. Surplus lines Coverage from out-of-state companies not licensed in Texas but legally eligible to sell insurance on a "surplus lines" basis.