Peak to Peak Roofing & Exteriors of Oklahoma City and Tulsa – Insurance Terminology

 

Insurance Terminology

At Peak to Peak Roofing & Exteriors our field estimators are educated in insurance procedures, 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.

Actual Cash Value
The depreciated value of the damages incurred to your property during a loss. This is figured by taking the Replacement Cost of the items damaged and decreases that amount by the age or condition of the item damaged.
Adjuster
A licensed and trained professionally to assess damage and settle your claim. The adjuster may be a company employee or independent contractor hired by your insurance company.
Building Ordinance or Code Upgrade Provision
Some insurance policies include a provision that allows a certain amount of funds to be used to update your property to current building codes. This is usually limited to 10% of the Dwelling coverage.
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 Page
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, lightning strike or fire.
Dwelling Extension Coverage
Extension coverage includes items such as detached garages, fences, carports, patio covers, barns or other outbuildings. Coverage is usually limited to 10% of the Dwelling Coverage.
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.
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.
Scope of Loss
The detailed estimate of damages that you receive from your insurance company
Supplements
During the claim, additional funds may be needed for hidden or unforeseen repairs needed due to damages caused by the loss.