Actual Cash Value - The value of your property at the time of a loss or damage. ACV may be determined as the replacement cost minus depreciation.
Claimant - A person who makes an insurance claim.
Code/Ordinance Rider - Usually included in the declarations section of a homeowner’s insurance policy. It covers the cost to bring property into conformance with new building codes during a restoration project.
Contract - In most cases, the term “contract” refers to an insurance policy. A policy is considered to be a contract between the insurance company and the policyholder.
Deductible - The amount that a policyholder has agreed to pay on a claim before the insurer is liable for any damages.
Depreciation - A decrease in the value of property.
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.
Eagleview - A third-party software program used by insurance companies to determine the area of a roof using satellite imagery.
Exclusions - Specific situations, conditions or circumstances listed in your policy that are not covered by your home insurance policy.
Homeowner’s Insurance - An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.
Independent Adjuster - A person who charges a fee to the insurance company to determine scope of damages on a claim.
Loss - Damage sustained by the insured in consequence of the happening of an accident or misfortune on property.
Public Adjuster - A person who acts as an advocate for a policy holder in the insurance claim process.
Replacement Cost Value - The cost associated with replacing an asset (property) at the present time, according to current market prices.
Staff Adjuster - Employee of an insurance company’s claim department.
Supplement(al) - Additional work over and above your original settlement that is needed to restore your property to its pre-loss condition. The total cost of a supplement is negotiated between your contractor and insurance adjuster and is payable to the contractor.
Xactimate - A third-party software program used by insurance companies and restoration contractors to determine the cost to bring property to its pre-loss condition.