Insurance Glossary

HACKER INSURANCE

Insurance coverage designed to protect businesses engaged in electronic commerce against losses caused by hacking, data breaches, and other cyber-related incidents.

HARD MARKET

An insurance market condition in which coverage is limited, underwriting standards are strict, and premiums are higher due to increased losses or reduced insurer capacity.

HOMEOWNERS INSURANCE POLICY

A standard homeowners insurance policy covers the home, attached and detached structures such as garages, and personal property inside the home against perils including fire, windstorms, and theft. Coverage varies by policy type, with all-risk policies providing the broadest protection except for specifically excluded risks.

Homeowners insurance also includes Loss of Use coverage, which reimburses additional living expenses if the home becomes uninhabitable due to a covered loss. Liability coverage protects the homeowner against claims for bodily injury or property damage to others. Flood and earthquake damage are typically excluded and must be insured separately.

HOUSE YEAR

A standard unit of measurement in homeowners insurance equal to 365 days of insured coverage for a single dwelling.

HURRICANE DEDUCTIBLE

A special deductible, expressed as a percentage or fixed dollar amount, applied to homeowners insurance policies to limit insurer losses from hurricanes. These deductibles are typically higher in coastal or high-risk areas and vary by state and insurer.