Annual percentage rate is the yearly interest charged on a loan that includes the interest rate plus any costs rolled into the loan, such as closing costs or origination fees
A balloon payments is a large, lump-sum payment made at the end of a loan that allows borrowers to pay lower installments throughout the loan’s term.
An insurance binder is a temporary or interim insurance policy that an agent or insurance company issues before issuing the actual policy. Binders are enforceable contracts and can act as evidence that you have coverage.
Bodily injury is harm caused to a person’s physical condition, including pain and illness.
Closing costs are fees you pay when you close escrow on a house, such as mortgage insurance premiums, appraisal fees, and property taxes.
The date of issue is the day your insurance company creates your insurance policy.
The designated catastrophe area is a portion of the Texas seacoast where the Texas Commissioner of Insurance has found that wind and hail insurance is not reasonably available.
A dwelling is the primary structure on a property, plus any attached structures; it's typically listed on your home insurance by its address.
An insurance endorsement is an amendment to your insurance policy that updates its information, increases coverage or limits, or reduces or excludes coverage.
A flood elevation certificate is a document that describes your home’s vulnerability to floods that an insurer may use when calculating flood insurance premiums.
Fungi and mold insurance is coverage for damage caused by fungi, mold, bacteria, and wet or dry rot.
Hazard insurance is a coverage found in homeowners insurance that provides coverage for the actual structure of your home.
HO6 is an insurance policy for condo owners that covers their unit from the walls in, including items inside the unit, their personal liability, and more
HOA fees are charges assessed by a community’s homeowner association to maintain common areas and to pay for amenities.
A third-party, unbiased assessment of your property’s value based on other comparable properties in the neighborhood
Home inspections are visual examinations of houses that include all the major components to make sure things are operational and to note if repairs are necessary
A home loan is money you borrow to purchase a habitable property, such as a house, condo, or apartment, that allows you to finance the purchase of the property by making payments over time.
Home warranties are contracts between homeowners and warranty companies that help cover costs if a home’s systems or appliances malfunction.
Hurricane screen enclosure insurance is an endorsement that adds coverage to your home insurance policy for a screen enclosure for your pool or patio.
An insured is often a person or entity that has a financial interest in a property and has the right to the proceeds from a claim in the event of a loss.
A jewelry appraisal is an official report documenting the value of a particular piece of jewelry or watch
The amount someone would pay for a home on the open market; typically confirmed by an appraisal when someone wants to buy it
Ordinance or law coverage helps you upgrade your home or building methods when you're required by law or ordinance to to meet current codes after a loss.
In insurance, personal reports refer to documentation of your 7-year loss history that gives insurers insight into how "risky" it might be to insure your home. A personal report is sometimes called a claim history report or CLUE insurance report.
Private mortgage insurance is a coverage conventional lenders may require when homebuyers don't make a down payment of 20%.
An estimate of what your policy will cost
Real property is a section of land, anything attached to the land, like a building or a fence, and the bundle of rights owners have to use, enjoy, and improve the land as they see fit.
Replacement cost is the amount it would cost to replace or rebuild an item using similar quality materials and goods that are currently available.
Subrogation is the act of substituting one party for another. When subrogation occurs, the party that’s taking the place of the other also accepts the original party’s legal rights and duties.
Water backup and sump overflow coverage is an endorsement that can be added to your homeowners insurance to help pay for damage caused by backed up sewers, drains, and sump pumps.
