--- title: Common Home Insurance Terms description: Learn the key terms and definitions in home insurance to better understand your policy and coverage options. Contact Finlan today for a policy review! image: https://www.finlan.com/hubfs/common%20home%20insurance%20terms.png --- [Go Back Up](https://www.finlan.com/blog/home-insurance-terms#top) [Skip to Content](https://www.finlan.com/blog/home-insurance-terms#body) **Get a Quote  | ** Request Service  |  Phone: (734) 453-6000      [GET A QUOTE](https://www.finlan.com/quote)          **[REQUEST SERVICE](https://www.finlan.com/request-service)**        [PHONE: (734) 453-6000](tel:734-453-6000)       [![Finlan 100 Years Logo](https://www.finlan.com/hs-fs/hubfs/finlan_110_year_anniversary_logo.png?width=350&height=120&name=finlan_110_year_anniversary_logo.png "Finlan 100 Years Logo")](https://www.finlan.com) Toggle Menu - COVERAGES Toggle children for COVERAGES Main Menu (Press to Return) > COVERAGES - [Personal](https://www.finlan.com/personal-insurance) Toggle children for Personal COVERAGES (Press to Return) > Personal - [Get a Quote](https://www.finlan.com/personal-quote) - [Home](https://www.finlan.com/personal-coverages-home) - [Auto](https://www.finlan.com/personal-coverages-auto) - [Health](https://www.finlan.com/personal-coverages-health) - [Umbrella](https://www.finlan.com/personal-coverages-umbrella) - [Flood](https://www.finlan.com/personal-coverages-flood) - [Watercraft](https://www.finlan.com/personal-coverages-watercraft) - [Pet](https://www.finlan.com/personal-coverages-pet) - [Scheduled Property](https://www.finlan.com/personal-coverages-scheduled-property) - [Travel](https://bcbsglobalsolutions.com/individuals-and-families/international-medical-insurance/?header=y&link_id=151650&personalized=y) - [Commercial](https://www.finlan.com/commercial-insurance) Toggle children for Commercial COVERAGES (Press to Return) > Commercial - [Get a Quote](https://www.finlan.com/commercial-quote) - [Essential Coverage](https://www.finlan.com/commercial-coverages-standard-coverage) - [Property](https://www.finlan.com/commercial-coverages-property) - [Product](https://www.finlan.com/commercial-coverages-product) - [Auto](https://www.finlan.com/commercial-coverages-auto) - [Health](https://www.finlan.com/commercial-coverages-health) - [Umbrella](https://www.finlan.com/commercial-coverages-umbrella) - [Specialty Coverage](https://www.finlan.com/commercial-coverages-specialty-coverage) - [Life](https://www.finlan.com/life-insurance) Toggle children for Life COVERAGES (Press to Return) > Life - [Get a Quote](https://www.finlan.com/life-quote) - [Term Life](https://www.finlan.com/life-coverages-term-life) - [Whole Life](https://www.finlan.com/life-coverages-whole-life) - [Universal Life](https://www.finlan.com/life-coverages-universal-life) - [Annuities](https://www.finlan.com/life-coverages-annuities) - [FAQs](https://www.finlan.com/faqs) - [STAFF](https://www.finlan.com/staff) - WHY FINLAN Toggle children for WHY FINLAN Main Menu (Press to Return) > WHY FINLAN - [About Finlan](https://www.finlan.com/about-finlan-insurance) - [History](https://www.finlan.com/history) - [Employment Opportunities](https://www.finlan.com/employment-opportunities) - [Blog](https://www.finlan.com/blog) - [Refer a Friend](https://www.finlan.com/refer-a-friend) - [CONTACT US](https://www.finlan.com/contact-us) - [OUR PARTNERS](https://www.finlan.com/our-partners) [back to blog](https://www.finlan.com/blog) # Common Home Insurance Terms [Personal](https://www.finlan.com/blog/topic/personal) ![](https://www.finlan.com/hubfs/common%20home%20insurance%20terms.png) Share article [mailto:?subject=Common%20Home%20Insurance%20Terms&body=https%3A%2F%2Fwww.finlan.com%2Fblog%2Fhome-insurance-terms](mailto:?subject=Common%20Home%20Insurance%20Terms&body=https%3A%2F%2Fwww.finlan.com%2Fblog%2Fhome-insurance-terms) We’ve had several blog posts on home insurance, and thought it was time to review the common terms we use when discussing home insurance. **Declarations Page: **The part of the policy that identifies the named insured, address, policy period, insured location, policy limits and over key information. In other words, this is the page(s) that will list your coverages and their limits. **Residence Premises: **The dwelling in which you reside and is listed on the declarations page **Named Insured: **The person named on the declarations page and their resident spouse **Resident Relative: **Those who reside on the premises and are related to the named insured by blood, marriage or adoption. **Occupied: **Classification used when the dwelling is being lived in; can be a primary, secondary or seasonal dwelling **Unoccupied: **The property still contains personal property that the residents may return to/plan on returning to but are not currently occupying. This can include vacation homes or secondary homes. **Vacant:** There are no people living in the home, as well as no contents in the home. Carriers have different specifications for when a home is determined to become vacant, which can include how long a home can sit until it becomes vacant (usually 30-60 days). This can include a rental property that’s empty between tenants, or a home inherited after a parent dies. **Replacement Cost: **Cost to replace damaged portion with like kind and quality at today’s value **Actual Cash Value (ACV):** Replacement cost value minus depreciation (according to the age of the property or the reduction in value for normal wear and tear) **Deductible: **The amount of money an insured is responsible for in the event of a loss before the insurance policy starts covering expenses **Bodily Injury: **Damages done by you to another person in which you become legally obligated to pay for because of injury to another person, such as excess medical costs, pain & suffering, etc. **Personal Injury: **Damages done by you to another person other than bodily injury or property damage. This definition can include false arrest or imprisonment, malicious prosecution, slander, libel, invasion of privacy or wrongful eviction. Give us a call at 734-453-6000 to review your policy today! ### Explore more information about Home Insurance [Let's Go](https://www.finlan.com/personal-coverages-home) ![](https://www.finlan.com/hubfs/linkedin_profile_photo.jpg) [mailto:](mailto:) ###### Finlan Insurance You May Like These ## Related Articles ![](https://www.finlan.com/hs-fs/hubfs/home%20insurance%20policy.png?width=700&name=home%20insurance%20policy.png) ### [How To Read Your Home Insurance Policy](https://www.finlan.com/blog/how-to-read-your-home-insurance-policy) ![](https://www.finlan.com/hs-fs/hubfs/wind%20hail%20damage.png?width=700&name=wind%20hail%20damage.png) ### [What is a Wind/Hail Deductible?](https://www.finlan.com/blog/what-is-a-wind-hail-deductible) ![](https://www.finlan.com/hs-fs/hubfs/auto%20insurance%20reform.png?width=700&name=auto%20insurance%20reform.png) ### [Michigan Auto Insurance Reform Update](https://www.finlan.com/blog/michigan-auto-insurance-reform) [![finlan_110_year_anniversary_logo_white-1](https://www.finlan.com/hs-fs/hubfs/finlan_110_year_anniversary_logo_white-1.png?width=2676&height=463&name=finlan_110_year_anniversary_logo_white-1.png "finlan_110_year_anniversary_logo_white-1")](https://www.finlan.com) 47784 Halyard Dr., Plymouth, MI 48170 [734.453.6000](tel:7344536000) | [800.305.6060](tel:8003056060) [Get a Quote](https://www.finlan.com/quote) [Personal Insurance](https://www.finlan.com/personal-insurance) [Commercial Insurance](https://www.finlan.com/commercial-insurance) [Life Insurance](https://www.finlan.com/life-insurance) [Staff](https://www.finlan.com/staff) [FAQs](https://www.finlan.com/faqs) [About Finlan Insurance](https://www.finlan.com/about-finlan-insurance) [Careers](https://www.finlan.com/employment-opportunities) [Contact Us](https://www.finlan.com/contact-us) [Our Partners](https://www.finlan.com/our-partners) [Refer a Friend](https://www.finlan.com/refer-a-friend) **GET A QUOTE & BUY ONLINE** **TRAVEL INSURANCE** ![geoblue_logo_v2](https://www.finlan.com/hubfs/geoblue_logo_v2.svg "geoblue_logo_v2") [Quote & Buy](https://bcbsglobalsolutions.com/individuals-and-families/international-medical-insurance/?header=y&link_id=151650&personalized=y) **DENTAL INSURANCE** ![delta_dental_logo_v2](https://www.finlan.com/hubfs/delta_dental_logo_v2.svg "delta_dental_logo_v2") [Quote & Buy](https://www.mysmilecoverage.com/finlan/) [![ignite_logo_footer](https://www.finlan.com/hubfs/ignite_logo_footer.svg "ignite_logo_footer")](https://www.ignitexds.com/) Copyright © 2025 Finlan Insurance All Rights Reserved [Terms and Conditions](https://www.finlan.com/finlan-terms-conditions) | [Privacy Policy](https://www.finlan.com/finlan-privacy-policy) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Finlan Insurance", "url" : "https://www.finlan.com/blog/author/finlan-insurance" }, "dateModified" : "2025-11-19T19:35:36.019Z", "datePublished" : "2025-11-06T17:13:26.000Z", "headline" : "Common Home Insurance Terms", "image" : [ "https://www.finlan.com/hubfs/common%20home%20insurance%20terms.png" ], "mainEntityOfPage" : { "@id" : "https://www.finlan.com/blog/home-insurance-terms", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.finlan.com/hubfs/finlan_110_year_anniversary_logo.png" } } } ``` ```json { "@context" : "https://schema.org", "@id" : "https://www.finlan.com/#agency", "@type" : "InsuranceAgency", "address" : { "@type" : "PostalAddress", "addressCountry" : "US", "addressLocality" : "Plymouth", "addressRegion" : "MI", "postalCode" : "48170", "streetAddress" : "47784 Halyard Dr." }, "aggregateRating" : { "@type" : "AggregateRating", "bestRating" : "5", "ratingValue" : "4.92", "reviewCount" : "476", "worstRating" : "1" }, "alternateName" : "Finlan Insurance", "areaServed" : [ { "@type" : "AdministrativeArea", "name" : "Michigan" }, { "@type" : "City", "name" : "Plymouth" }, { "@type" : "City", "name" : "Canton" }, { "@type" : "City", "name" : "Northville" }, { "@type" : "City", "name" : "Livonia" } ], "description" : "C.L. 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