© Roof Cake, LLC 2021
Here are some insurance terms you’ll probably come across during your roof claim process.
Allow us to explain them for you!
Replacement Cost Policy (RCV) – pays the full amount for coverage of damage resulted from a covered peril. The first check is typically the depreciated amount and once the repairs are completed and proper documentation is submitted then the insured is given the “recoverable depreciation” which provides the remaining portion necessary to pay for the new roof.
Actual Cash Value (ACV) – pays the depreciated amount for coverage of damage resulted from a covered peril. No “Recoverable Depreciation” is paid for these repairs/ replacement. Even on a RCV policy there may be certain aspects of the claim that do not qualify for replacement cost coverage (ie. many fence repairs or “other structure” are considered ACV.
The exposure to or cause of a possible loss, such as an injury, destroyed or lost property, etc.
The amount a home insurance policyholder must pay out of pocket for a covered claim.
A person trained professionally to assess damage and settle your claim. The adjuster may be a company employee or under contract with your insurance company.
An improvement that increases the value of a property or facility.