Contents insurance
Covers the cost of replacing possessions lost or damaged due to unforeseen events (as detailed in the insurance policy)
Cover
The precise description of an insured risk in the insurance contract that determines those losses or occurrences in the event of which insurance benefits are due.
Excess
An amount paid by you towards a claim
Exclusions
Things that your insurance will not cover.
Index Linked
Insurance where the amount of cover and premiums change automatically in line with inflation.
Loss Adjuster
An independent person paid for by the insurance company to assess the amount payable for a claim.
Loss Assessor
Independent professional appointed by you to negotiate claims payment.
Policy
The details of what your insurance covers, what it doesn't, and what it costs, normally provided separately.
Premium
The amount your insurer requires you to pay for insurance
New For Old
Cover for property with no deduction for wear and tear. The item lost or destroyed would be replaced with a new one.
Underinsurance
When the policy limit is lower than the replacement value of items insured.PolicyThis is the legally binding document which is the evidence of the cover.