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Coverage Glossary

Insurance can be a complicated topic for many people. We developed this glossary to help you with some of the key terms and concepts.


Actual cash value (ACV)


This is a method used to figure the values for property when settling a claim. If your policy says it provides for Actual Cash Value settlement, it generally means that your policy will pay the depreciated cost of your property, up to the amount of coverage in your policy. For example, a new TV costs $1,000. Your insurance company would determine the amount of your settlement by subtracting from $1,000 an amount that reflects your usage.


Additional living expense coverage


The extra costs of living someplace else when your insured home is unlivable due to damage caused by a covered loss.


All-risk insurance


An "all-risk" policy pays for losses from damage to property when the cause of damage was direct, sudden and accidental and is not excluded from your policy. An "all-risk" policy covers all perils (causes of loss) that are not specifically listed as excluded within the policy. May also be referred to as "comprehensive" or "open peril."




An instance in which an insured seeks to recover payment under an insurance policy for a loss covered by that policy.


Claims Adjuster


Person who directly investigates a claim filed by the insured. The adjuster also assesses whether or not the loss is covered by the policy.




Requires the customer to carry insurance equal to a specified percentage of the value of the property insured in order to receive full payment of a loss.




Coverage that covers any direct, sudden and accidental physical damage losses except those excluded in the policy (See All-risk insurance).


Coverage limit


The extent of protection against losses provided under the terms of an insurance policy. Also called "insurance" or "protection."


Debris removal


Covers the cost of hauling away materials or wreckage left by a covered peril. For example, this might pay for the cost to haul away roof sections, burnt walls and damaged furniture after a fire.




Some policies are written to pay only after the policyholder has suffered an agreed amount of loss. The amount the policyholder must pay first is the deductible. It's "deducted" from the total loss amount to determine how much the company must pay. Even though a policy has a deductible, there may be coverages within a policy that are not subject to that deductible.


Extended coverage


A group of perils that are either packaged or offered as an option with dwelling fire policies. These perils are: windstorm, hail, smoke, explosion, riot, riot attending a strike, civil commotion, vehicle and aircraft.




An insurance program made available to risks that are unable to secure coverage through regular channels because of various reasons (i.e., vacancy, high vandalism). Not available in all states.


Flexible payment plan


Allows you to pay your premium in installments, using cash, checks, money orders, credit or debit cards.


Liability coverage


Covers losses that result when an individual causes accidental injury to another person or damage to their property. If you accidentally set fire to your neighbor's garage while burning leaves in your yard, this is the type of coverage that would apply. Liability insurance often includes coverage for defense costs in a liability lawsuit.


Named peril coverage


Named peril policies specify the perils, or causes of damage, which are insured against as distinguished from "All-risk Insurance"


Open peril coverage


(also called "comprehensive coverage") - See All-risk insurance


Other structures


This coverage insures other structures you own on your premises which are separated from the dwelling or connected to your dwelling by only a fence, utility line or some other similar connection.


Personal Property or Personal Effects


Things you own that you use to set up your rentals, such as refrigerators, stoves, or furniture. Personal property includes everything except land, buildings, and any other structures attached to the land. Personal property may also be called "contents."


Repair cost


The cost to repair or replace property, without deduction for depreciation, using common construction materials and methods, locally available, which are equal in function and less costly.



The coverages described on this web site are only general description of the terms and conditions contained in the policies we offer which may give some understanding of the different types of coverages we provide. The web site cannot be used to conclude what coverage exists or is available in any insurance policy issued by Standard Casualty Company (SCC) or through Standard Insurance Agency, Inc. (SIA). The language contained in this web site is not a contract of insurance or binder of coverage between SCC or SIA and any other party(ies). The insurance contract is contained only in the complete insurance policy issued by SCC or through (SIA) which may include more or less coverage, conditions, limitations, and exclusions than identified on this web site. All coverages are subject to the complete insurance policy's terms, conditions, limitations and exclusions. Please read your complete insurance policy carefully. Some coverages may not be available in all geographic areas and for specific categories of coverage. In Texas, Standard Casualty Company reinsures the mobilowners policy written through Standard Insurance Agency, Inc.



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In Texas, Standard Casualty Company re-insures the mobile home owner's policy written through Standard Insurance Agency, Inc. Some policies may be issued through our affiliates. Coverage available in: Alabama, Arkansas, Arizona, Colorado, Delaware, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia and West Virginia. All coverage is subject to your individual policy limitations and exclusions. Please read your policy carefully. It contains the information you need to know. Terms, Conditions, and Privacy Statements