New York City life is crazy enough as it is, without confusion when it comes to New York renters insurance. The insurance lexicon is vast and can prove overwhelming for those unfamiliar with its various terms, clauses and definitions. That’s why we’ve gathered together all the essential information you need to know in order to make informed decisions when considering policies, premiums and everything in between.
If you’re looking for an introduction to the topic of insurance, make sure you pore over our Insurance FAQ, which provides extensive information on everything from condo insurance to auto insurance. On the other hand, if you’re generally au fait with insurance but searching for an explanation of a particular term, our Insurance and Homebuyers Glossaries are the only resources you’ll need.
Here are some of the top insurance terms you may have heard, but may not quite fully understand:
Indemnity: Benefits of a predetermined amount paid for a loss.
Consideration Clause: Stipulation that states the basis on which an insurer issues an insurance contract.
Utmost Good Faith: The Insured and the Insurer are bound by a good faith of honesty and fairness; all material facts must be disclosed.
Mitigation: In the case of any loss or casualty, the asset owner must attempt to keep loss to a minimum, as if the asset was not insured.