Homeowner’s insurance is a complicated topic. When you talk to an agent, it would be helpful if you know some of the more common terms you’ll come across. The team at Ed Thompson Insurance Agency of the Omaha, NE area can also make this language clearer for you if there are still things that you don’t understand.

• Blanket Coverage: This is when your insurance policy has just one limit of insurance for multiple items. For instance, you would get a certain amount for three buildings on your property instead of having them scheduled separately for individual amounts. 

• Claim: This refers to requesting that your insurance company pays you when you’ve had a loss. Once the company validates the claim, you’ll receive your payment. 

• Depreciation: This refers to a decrease in your property’s value (whether it’s your house, oven, roof, etc.) when it’s had wear and tear or it has become obsolete. 

• Replacement cost value insurance (also known as RCV): This is coverage that pays to replace or restore something that’s been destroyed or damaged. This will restore it to the condition that it was in before the damage occurring.

• Rider: Though it’s typically used for life insurance, a rider may be applied to other types of insurance if you need additional coverage beyond what’s stated in your policy. 

Serving the greater Omaha, NE region, Ed Thompson Insurance Agency has provided assistance to many returning and new clients over the years. If you are looking for home insurance or another kind of insurance that fits your needs, contact us today with your questions and concerns.