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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.

Was delighted to have quality work done in a timely manner. Especially considering the demand in the construction industry right now where sometimes even getting a call back seems like an oddity. Will return for future roofing needs.
Dana Hubbard
Dana Hubbard
Pete was vert professional and easy to communicate. Made it easy for us and I recommend them to all future customers.
Jandos Yerkhanat
Jandos Yerkhanat
I am very satisfied with their work and their work ethic. Job was done in a timely fashion. Customer service was not lacking, every time I would call I would get an immediate response. They went beyond the usual for me and I would recommend them highly!! Thank you Peak to Peak Roofing!!
Grace Barbera
Grace Barbera
My realtor suggested Damen at Peak to Peak for a roof replacement through our insurance. We were on a timeline to sell our home, and Damen was an absolute rock star. He answered the call on a Sunday night, showed up for an inspection and helped us through the process - getting the entire job done within a couple short weeks. The roof looks amazing, and Damen also met with our insurance adjuster and added the gutters and garage door. I can't say enough about the professionalism, communication, availability and work that Damen and Peak to Peak provide. Give them a call - you won't regret it!
Chase Piker
Chase Piker
Peak to Peak Roofing did a great job on putting new nsulation in my attic. Never left a mess. Would recommend them to anyone who needs this type of work
Daryl Otwell
Daryl Otwell
They were very helpful in getting repair done in a timely manner. They also painted the house. Everything looks very good and well done.
Joan Costa
Joan Costa