What's the difference between an exclusion and a sublimit?

An exclusion pays nothing. A sublimit pays, but only up to a capped amount.

What does coinsurance mean on a home policy?

If you insure below a required percentage of replacement cost, typically 80%, the insurer reduces every partial claim proportionally.

If your insurer recovers from the at-fault party, you usually get your deductible back — but only if you did not sign away the right to pursue them.

These decide how much you receive.

Deductible: what you pay before the insurer pays anything.
Limit: the most the insurer will pay for that coverage.
Sublimit: a lower cap inside a coverage, such as $1,500 on jewelry theft.
Actual cash value: replacement cost minus depreciation.
Replacement cost: what it costs to replace with new, without depreciation.
Coinsurance: a penalty applied if you insured a property for less than a required percentage of its value.

These decide whether the insurer pays at all.

Peril: the cause of loss, such as fire or theft.
Named perils: only listed causes are covered.
All risk (open perils): everything is covered except what is excluded.
Exclusion: a cause of loss the policy will not pay for.
Endorsement or rider: an amendment that adds, removes, or changes cover.
Condition: something you must do, such as reporting promptly or mitigating further damage.

These appear once something has happened.

Subrogation: the insurer pays you, then pursues whoever was at fault.
Proof of loss: a sworn statement of what you lost and its value, usually due within 60 days.
Appraisal clause: a binding process to resolve disputes about the amount of loss.
Adjuster: the person who investigates and values the claim.
Loss run: your claims history, which insurers see when you shop.
Bad faith: an insurer unreasonably denying or delaying a valid claim.

Upload your document to PolicyPal and we point out where each of these appears in your specific wording and what it means for you.

What's the difference between an exclusion and a sublimit?: An exclusion pays nothing. A sublimit pays, but only up to a capped amount.
What does coinsurance mean on a home policy?: If you insure below a required percentage of replacement cost, typically 80%, the insurer reduces every partial claim proportionally.
Why does subrogation matter to me?: If your insurer recovers from the at-fault party, you usually get your deductible back — but only if you did not sign away the right to pursue them.

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