Insurance Terms

Easy-to-understand definitions of frequently used insurance terms.

Overwhelmed by Insurance Terms?

We have put together a guide with easy-to-understand definitions of frequently used insurance terms.

HomeOwners Terms

Dwelling Coverage
Provides funds to replace or repair the structure when damage is caused due to a covered peril.

Replacement Cost
This will replace your belongings with like kind and quality.

Actual Cash Value
Replacement cost less depreciation.

Dwelling Extension
Provides coverage for damage caused by covered perils to structures separate from main dwelling such as garages or sheds.

Personal Property Coverage
May pay to replace the personal contents of your home that are not permanent parts of the dwelling. Coverage only applies in conjunction with a loss caused by a covered peril.

Loss of use
This coverage can provide financial assistance to you while your home is being repaired and is unlivable as a result of a covered loss.

Personal Liability
May protect you, your spouse, and resident relatives under age 21 for claims you’re legally obligated to pay resulting from things such as injury, sickness, disease, and death.  The coverage may also include the cost of defending claims against you.

Medical Expense
May pay for non-residents injuries that you are legally responsible for.

Life Insurance Terms

Term Life Insurance
Term life insurance provides protection for a specified period of time.  Terms of 10,15, 20 and 30 years are available.   Term coverage is generally less expensive and provides a fixed price for the term and coverage amount selected.  Additional riders can also be added to meet your family’s individual needs. Furthermore, term life insurance may be convertible to permanent coverage, providing you with flexibility as your needs change.

Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Many whole life insurance policies also build cash value over time.

Universal Life Insurance
Universal life is a form of permanent life insurance characterized by flexible coverage and premium amounts. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.  If managed properly universal life insurance can remain in force for your entire lifetime.

Auto Insurance Terms

Liability Coverage
Protects you in the event that you unintentionally cause injuries to other drivers or damage to other vehicles or property.

Uninsured and Underinsured Motorist Coverage
Can provide coverage for medical costs, pain and suffering for bodily injury to you and others in your vehicle, if injury is caused by a driver with no coverage or not enough coverage.

Personal Injury Protection (No Fault)
Required coverage under Florida’s No-Fault Law.  Provides a percentage of first dollar medical expenses to you regardless of fault in the accident.

Medical Expense Coverage
May pay certain medical expenses for injuries sustained while occupying your car, regardless of who is at fault.

Comprehensive Coverage
May pay for damage to your car, less any deductible, caused by things other than collision or upset. (fire, theft, glass breakage, for example)

Collision Coverage
May pay for damage to your car, less any deductible, caused by a collision with another object.

Towing & Labor
This coverage may provide a limited amount of reimbursement for expenses such as towing or car repairs made at the site of vehicle disablement.

Rental Reimbursement
This type of coverage provides limited reimbursement for a rental car used while your car is being repaired for a covered claim.

Why Goodlad & Swank?

Your Florida Insurance Team

An unforeseen event coupled with inadequate insurance can quickly result in financial trouble. We recognize that addressing insurance may not be your idea of fun, but our goal is to make the process as enjoyable as possible. In the end, you may just find yourself letting us know what the grandkids are up to or how the honeymoon went. Get to know us, you’ll be happy you did.

Our Insurance Services

homeowners insurance

Homeowners Insurance

Goodlad & Swank has partnered with top rated insurance companies writing coverage in Florida for primary homes, secondary and seasonal homes, condo units, as well as property you own and rent to others.

flood insurance

Flood Insurance

Find out your risk and get protected.  Goodlad & Swank offers coverage through the National Flood Insurance Program as well as private flood insurance carriers.

auto insurance

Auto Insurance

Goodlad & Swank has partnered with some of the largest, most respected auto insurance carriers in the industry to provide coverage for cars, motorcycles, motor homes, and recreational vehicles.

Business Insurance

Life Insurance

Protect your family with the right life insurance coverage. Whether life insurance is needed for your family or your business we can help you find the right policy at the best possible price.

Business Insurance

Business Insurance

Our business is protecting your business from the risks you face everyday, whether your business is large or small. Call and speak to one of our licensed agents and find out how best to protect your business.

What Our Clients Are Saying

Read what real customers of Goodlad & Swank have said about working with us for their Florida Insurance needs.

Twyla Alvarez has consistently managed all of our insurance needs for the past 15 years. She is highly professional, proactive and efficient, and always provides us with best value for our policies. Twyla is knowledgeable and experienced in her field. Better yet, she combines this knowledge with a special personal and caring touch with her clients. We are very grateful for the positive and trusting relationship we have enjoyed with Twyla over the years. We highly recommend her to anyone seeking advice, support or assistance with their insurance needs.

Peter and Linda W.

Naples, Florida

Wencys Boone has been extremely helpful and instrumental in finding us the best insurance coverage and rate for our new house and family automobiles. She has worked tirelessly to add and remove our cars to and from various policies in the process. She has also helped to find the ideal insurance coverage for our children.

Kevin and Elide D.

Ellenton, Florida

I really appreciated the understanding of their agent Wencys’ ability to listen to my insurance requests and her recommendations based on my needs. I appreciated the fact that I felt heard & her understanding, helpfulness & attention to what I was needing. And although I wouldn’t normally use this term with insurance people, I would admit that it really was a delightful experience & have told several friends of how easy it is to work with her. I would recommend everyone to call Goodlad & Swank agency and speak with Wencys.

Judy B.

Venice, Florida

Contact Us

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704 Leeland Heights Blvd W.
Lehigh Acres, FL 33936

239-674-7630

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