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Insurance Claim Terminology

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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.

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

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

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

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

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.

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.

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

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

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

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.

Jesse Owen
Jesse Owen
Kind, hard working team that did what they said when they said they'd do it.
Matthew Swift
Matthew Swift
Peak to Peak installed a roof on a home that I owned. They were responsive and the price was reasonable. I would use them again.
Timothy Sprague
Timothy Sprague
Peak to Peak painted all of the soffit and fascia on my house. They did a great job and were efficient. I'll be using them in the future.
Ken Burleigh
Ken Burleigh
Outstanding Customer Service!!! Chad and his team are simply the best! We're extremely happy with the work performed. Could not be have chosen a better company. Would definitely recommend to anyone.
Andrea Olsen
Andrea Olsen
We had a great experience with Peak to Peak Roofing. We worked with John Murphey. He was very professional and super responsive! He came out and got up on the roof to check things out for us. He is very knowledgeable and easy to work with. I highly recommend Peak to Peak Roofing and Exteriors based on our experience working with John Murphey.
Emily Holladay
Emily Holladay
John was our technician and performed a thorough, professional roof inspection after the winter storms. We will be using Peak to Peak roofing for our family's home. Trusted and recommended company.
Abby Marie
Abby Marie
I contacted Chad at Peak to Peak because I had a roof leak, and also a backyard storage shed that needed a new roof. The shed they put the roof on looks great, and most importantly I no longer have a roof leak. I’m very happy with the work Peak to Peak did at my home. I definitely know who to call on in the future. A Big Thank you to Chad and Roberto for doing a great job for our family!