What does Amount of Insurance mean? Read on to discover the definition & meaning of the term Amount of Insurance - to help you better understand the language used in insurance policies.
Amount of Insurance
The amount of insurance is the amount of money that an insurance company is willing to provide financial coverage for, for a specific policy. For example, if your homeowner's insurance policy has a limit of $300,000, then the amount of insurance you have for this policy would be $300,000. You are responsible for losses over this limit.
We hope the you have a better understanding of the meaning of Amount of Insurance.