What is "insurance coverage"?

What is "insurance coverage"?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: What is an "insurance claim"? and more...

Insurance coverage is pretty much the terms of the deal. When you pay a premium you're getting certain circumstances or personal property covered by the insurer. It could be your home. It could be your personal possessions. It could be your personal assets if someone is injured by you and sues to try to recover for that. The insurance coverage terms lay out what types of situations and properties are insured, what kind of conditions they are insured under and what the limits are of coverage. In other words, insurance coverage is how much the insurer is willing to pay to make you whole again.