Auto & Homeowner's Insurance Glossary

Definitions offered in this section are meant to provide generic insurance information to consumers. They are not complete descriptions of all terms, exclusions and conditions applicable to the products and services offered by Electric Insurance. The terms and conditions of the policies issued are controlling in all cases. Product availability varies by state.

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	Rental Reimbursement	An accident shouldn't leave you stranded without transportation. Rental Reimbursement coverage helps pay for the cost of a rental vehicle while yours is being repaired. In most states, coverage options range from $20/day up to $50/day. This coverage is optional. When you carry physical damage coverage for theft, you may be entitled to reimbursement of rental expenses if your car is stolen even if you don't carry Rental Reimbursement Coverage. Also called Transportation Expense Coverage or Substitute Transportation.
	Rental Value	Insurance protection against loss of rental value or actual rent should the owner's insured property suffer damages prohibiting property use or tenant occupation.
	Renters Insurance	See HO4 policy.
	Replacement Cost	Coverage for the cost of replacing damaged property at the time of loss with that of similar kind and quality. If you carry replacement cost coverage and have a loss, the insurer pays for the cost of a new replacement, minus any policy deductible, without deduction for depreciation.
	Residence Premises	Where you, the insured, live. In homeowner's insurance, this includes the dwelling, grounds and other structures, or that part of any other building in which you live.