Policy endorsement

More claims & insurance terms

• Personal property

  Coverage for the contents of the home, as opposed to the building itself.

• Policy

  The insurance contract that spells out what is covered, the limits, and the deductible.

• Policy limits

  The most a policy will pay for a covered loss. On a homeowners policy that is split into Coverage A for the dwelling, Coverage B for other structures, and Coverage C for contents. Limits apply per occurrence or per policy period depending on the form, so check the declarations page before assuming a scope fits.

• Policyholder

  The person or business that owns the insurance policy, and the party the claim is filed on behalf of, not the carrier.

• Pre-existing damage

  Wear, rot, or failure that existed before the loss date and is not covered by the policy. Adjusters exclude it, so contractors should document the condition at the time of inspection with dated photos and note what the new damage added on top of it.

• Preferred vendor program

  An arrangement where an insurer steers work to contractors who agree to its pricing and service standards. Contractors in these programs usually give up some price negotiation, so read the agreement and know what you can still supplement before signing.

Common questions