Real Estate Definations Chapter 03

Front 1

Coinsurance clause

Back 1

A clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost.

Front 2

Equity

Back 2

The interest or value that an owner has in property over and above any indebtedness

Front 3

Homeowner's insurance policy

Back 3

A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, an other common risks.

Front 4

Liability Coverage

Back 4

Coverage for injuries or losses sustained within the property but not covering the property itself.

Front 5

Replacement Cost

Back 5

The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.