Jargon Buster | Home Insurance | ING Direct

Items that belong to you and you are legally responsible for, which are used for mainly private purposes. Also known as Personal Belongings.

A legally binding contract between the customer (insured, policy holder) and the insurer.

See Insured.

The amount paid by the policyholder to the insurer for insurance.

A person or persons applying for insurance.

The offer of insurance including the costs based on the information provided by you.

The sum insured on your property to cover the full rebuilding costs of a property. This is not the same as the market value of your property.

Continuing the insurance from one year to the next.

An invitation given to you, the policyholder to renew a policy for a further year and stating the new premium payable, and detailing any changes to the terms of the policy.

Some household policies provide for badly damaged or destroyed goods to be replaced by new items. There are exceptions such as clothing, furs and household linen where usually a reduction is made for wear and tear.

The part of a policy document containing information about the cover provided and any terms and limitations.

A survey may sometimes need to be carried out to determine the extent of damage before a claim can be decided or an insurer agrees to provide cover.

An inspection of premises proposed for insurance by a trained surveyor who will determine whether a risk is suitable for insurance.

The period of the contract, usually 12 months.

When the sum insured is not enough to cover the maximum possible loss or damage. The policy cover may not apply.

A property without the furniture and furnishings required for normal living purposes.