Terminology of an Insurance Claim

Insurance is a fantastic thing to have, especially if you never have to use it. But if you live in Colorado we are certain that one blaring fact has become completely apparent: weather happens. Many homeowners have never filed a claim with their insurance company and are not at all sure of what the procedure is for their coverage.  If you have “replacement cost” in your policy, covering damage from hail for instance, you are entitled to a free inspection and adjustment from your insurance carrier.  Do not feel that you, as a homeowner, have to have the expertise to assess damage on your own.  There are specific insurance procedures utilized by both insurance personnel as well as professional roofing contractors to determine claim damage.

At Peak to Peak Roofing & Exteriors our field estimators are educated in insurance procedures, manufacturer criteria designed to determine damage and also backed by a Haag Engineer Staff Estimator.  Upon our agreement, we will handle the entire insurance claim and negotiation process for you to assure you a fair and speedy solution to your roofing, exterior, and other damage needs.  If your insurance adjustment has any inaccuracies, we will resolve them with your insurance carrier at our expense.

Don’t allow misunderstanding and complicated terminology to keep you from resolving your claim as soon as possible. The following is a list of some of the most commonly used terms that come up when filing an insurance claim after your home has been damaged by either the certainty of time or by the uncertainty of weather.

Adjuster
A person trained professionally to assess damage and settle your claim. The adjuster may be a company employee or under contract with the company.

Betterment
An improvement that increases the value of a property or facility.

Claim
A policyholder’s request for reimbursement from an insurance company under a home insurance policy for a loss to property.

Deductible
The amount a home insurance policyholder must pay out of pocket for a covered claim.

Declarations
The first page of your insurance policy that contains the full legal name of your insurance company, your name and address, the policy number, effective and expiration dates, premium payable, the limits of insurance, covered property, deductibles and any applicable lien holder information.

Dwelling Coverage
Dwelling Coverage, sometimes referred to as “Coverage A”, protects against the damage and possible loss of your home in the event of a covered claim such as a hurricane, hailstorm, lightening strike or fire.

Exclusion
Certain property, persons or circumstances noted in a policy as not covered by a home insurance policy.

Inflation Protection
Automatically adjusts your home insurance policy limits to account for increases in costs to repair property.

Insurance
A contract in which a policyholder pays a set amount to an insurance company for protection against specified losses or perils.

Limit
The maximum amount of benefits your insurance policy pays in the event of a loss.

Peril
The exposure to or cause of a possible loss, such as an injury, destroyed or lost property, etc.

Premium
The price a home insurance company charges for a specified risk over a specified period of time.

Property Coverage Insurance
Protects personal property and land against loss or damage, as outlined in a home insurance policy.

Replacement Cost Coverage (on Dwelling)
Pays for the cost to replace damaged property or structures without factoring in deductions for depreciation.  Payment is limited to a maximum dollar amount.

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