Glossary
The vocabulary of your claim
A homeowner shouldn’t need a contractor’s license or an insurance background to manage their own storm-damage claim. Each term below is explained in plain language so you can speak the same language as your adjuster and your roofer.
13 of 13 terms
insurance
ACV (Actual Cash Value)
What your damaged property is worth today, after accounting for depreciation.
people
Adjuster
The insurance company's representative who inspects your damage and writes the Statement of Loss.
process
Claim
The formal request you file with your insurer asking them to pay for storm damage.
people
Contractor
The professional who actually performs the repair work — typically a roofer, siding contractor, or general contractor.
insurance
Deductible
The amount you pay out of pocket before insurance pays anything on a claim.
insurance
Depreciation
The dollar amount your insurer subtracts from replacement cost to arrive at ACV.
roofing
Drip Edge
Metal flashing along roof edges that directs water away from fascia and into the gutter.
roofing
Fascia
The vertical board running along the lower edge of a roof, where gutters attach.
siding
Lap Siding
Horizontal exterior siding boards installed so each row overlaps the one below.
insurance
RCV (Replacement Cost Value)
What it actually costs to replace your damaged property with materials of like kind and quality, today.
roofing
Soffit
The underside surface of the roof overhang. Vented to let attic air circulate.
insurance
Statement of Loss
The insurer's itemized estimate of your damage — line by line, with ACV and RCV totals.
insurance
Supplement
An amended request to the insurer for additional money to cover damage missed in the original Statement of Loss.