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Insurance Claims Terms & Definitions

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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.

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