M M Fryer & Sons Insurance
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Insurance Terms & Coverages Defined
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Insurance Terms & Coverages Defined

Additional Living Expenses: If you can't live in your home because of a covered loss, your insurance company will pay the necessary increase in living expenses-typically for up to 24 months-while damage is assessed and your home is repaired or rebuilt.

Collision Coverage:  Pays to repair your auto damage caused by an accident.  We can help you determine the limits you need based on the agreed value of your vehicle.

Comprehensive Coverage:  Pays to repair or replace your vehicle if it is stolen, vandalized or damaged in some way other than in a collision.  Includes loss from fire, cracked windshields, floods, falling objects and wind.

Deductible:  When you get insurance, you agree to pay up to a certain amount out-of-pocket in case of a loss.  This amount is called your 'deductible.'  The deductible you choose often affects how much you pay for your premium.  For example, a higher deductible usually means a lower premium.  In the case of a covered loss, you'll only be required to pay your deductible, and the insurance company usually covers the excess, up to the applicable limit for that loss under your policy.

Excess Liability:  Sometimes used interchangeably with 'umbrella,' 'excess liability' refers to extended liability coverage.  This coverage is meant to supplement your insurance coverage if the damages exceed your liability coverage.  Be sure to talk to us about what your excess liability covers.

Fidelity Coverage:  Companies and businesses often purchase this coverage to protect them against loss from employee dishonesty (such as theft of money, equipment, or other assets).

Liability Coverage:  For homeowners, this coverage applies if someone is injured or property is damaged and you are to blame.  When choosing liablity coverage for your home, auto, boat, personal watercraft, or RV, consider things like how much money you make and what you own.  Your liability coverage should be high enough to protect your belongings if you are sued.

Medical Coverage (Home):  Covers medical expenses for guests if they are injured on your property.  It does not cover healthcare costs for you or other members of your household.

Personal Injury Protection (Auto):  Provides coverage for injury, death, loss of services, and loss of income suffered by you, your covered passengers, or covered family members.

Personal Property Coverage:  Your home is filled with furniture, clothes, sports equipment, and other items that mean a lot to you.  This coverage helps repair or replace these items if they are lost, stolen or destroyed as a result of an insured event.

Property or Dwelling Coverage:  Typically pays to repair or rebuild your home if it's damaged or destroyed by an insured event.

Scheduled Personal Property Coverage:  If you have special possessions such as jewelry, art, antiques or collectibles, you may want to talk to us about this additional coverage.

Umbrella Insurance:  Is the coverage that may kick in when your losses under other insurance policies, such as homeowner's and auto coverage, have exceeded their policy limits.

Uninsured/Underinsured Motorist Coverage:  Pays for damages associated with bodily injury or death from an accident caused by an uninsured, underinsured or hit-and-run driver.

What is a Flood?:  
Here's the official definition used by the National Flood Insurance Program. A flood is 'A general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or of two or more properties (at least one of which is your property) from:

  • Overflow of inland or tidal waters;
  • Unusual and rapid accumulation or runoff of surface waters from any source;
  • Mudflow..or as defined 'A river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a current of water' 

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