Residential Insurance Home-Renters

Residential Insurance: Homeowners and Renters 30 Insurer — The insurance company that issues the insurance policy, and agrees to pay for losses and provide covered benefits. Material Misrepresentation — A false statement given by an applicant of any important fact that had the insurance company known the truth, it would not have insured the risk. Nonrenewal — The insurance company’s option of not renewing a policy at the end of the policy period. Premium — The price of insurance paid to the insurance company for a policy. Producer — A term used by the insurance industry to encompass agents and brokers. Quote — An estimate of the cost of insurance based on information supplied to the agent, broker or insurance company. Replacement Cost — The amount that it costs to replace lost or damaged property with new property of like kind and quality in the local market.