Hail and roof claims course glossary: 69 terms
Every trade word from the course in plain English, A to Z. Each links to the lesson that teaches it.
A
- Actual cash value (ACV)
- Replacement cost minus depreciation: roughly what the worn property was worth. How a homeowner's policy pays for a roof
- Adjuster
- The person who inspects the damage for the insurer and works out what to pay. The first 72 hours after a hail storm
- Adjuster
- The person who inspects damage and works out what a claim should pay, usually working for the insurer. Filing the claim and the adjuster visit
- Appraisal clause
- A policy term that may let both sides use independent valuers to settle a dispute about the amount of a loss. When the insurer says no or pays too little
- As-is
- A sale where the buyer takes the house in its current condition and the seller agrees to no repairs. Selling a hail-damaged house as-is
- Assignment of benefits
- A paper that hands your right to an insurance payment to someone else. Storm chasers and contractor scams
C
- Catastrophic disaster
- The kind of event for which Colorado caps a public adjuster's fee at 10 percent of the settlement. When the insurer says no or pays too little
- Claim
- A request to your insurer to pay for a covered loss. Selling a hail-damaged house as-is
- Claim log
- Your running written record of every claim contact: date, who, what was said, next step. Filing the claim and the adjuster visit
- Claim number
- The reference number the insurer gives your claim. Write it on every note and call. The first 72 hours after a hail storm
- Closing
- The final step where ownership transfers and money changes hands. Selling a hail-damaged house as-is
D
- Decking
- The wood layer under the shingles that the roof is built on. The first 72 hours after a hail storm
- Declarations page
- The first page of a policy that lists who is covered, what, for how much and the deductible. The first 72 hours after a hail storm
- Declarations page
- The summary page of a policy listing coverages, limits and deductibles. How a homeowner's policy pays for a roof
- Deductible
- The part of a covered loss you pay yourself before insurance pays. How a homeowner's policy pays for a roof
- Deductible
- The part of a covered loss you pay yourself before the insurance pays the rest. Hiring a roofer the legal way (C.R.S. 6-22)
- Deductible
- The part of a covered loss you pay yourself. Storm chasers and contractor scams
- Deductible
- The part of a loss you pay yourself before insurance pays. Selling a hail-damaged house as-is
- Denial
- The insurer's decision not to pay all or part of a claim. When the insurer says no or pays too little
- Deposit
- Money paid up front toward a job. Hiring a roofer the legal way (C.R.S. 6-22)
- Depreciation
- A deduction for the age and wear of the old property. How a homeowner's policy pays for a roof
- Direction to pay
- A paper that tells your insurer to send claim money to a named person, such as a roofer. Storm chasers and contractor scams
- Disclosure
- A seller's written statement of known problems with the property. Selling a hail-damaged house as-is
E
- Endorsement
- An add-on page that changes the policy, such as special roof or hail terms. How a homeowner's policy pays for a roof
- Estimate
- The insurer's written list of repairs and costs for the claim. Filing the claim and the adjuster visit
- Estimate
- An itemized price list for the repairs the insurer agrees to cover. When the insurer says no or pays too little
F
- First-party claimant
- The policyholder asking the insurer to pay benefits owed under their own policy. Filing the claim and the adjuster visit
- First-party claimant
- The person claiming benefits owed under an insurance policy, usually the policyholder. When the insurer says no or pays too little
- Flashing
- Thin metal placed around chimneys, vents and roof edges to keep water out. Filing the claim and the adjuster visit
H
- Headline price
- The advertised or offered sale price before costs and deductions. Selling a hail-damaged house as-is
- Held in trust
- Money kept for its purpose, not free for the roofer to spend on other things first. Hiring a roofer the legal way (C.R.S. 6-22)
- Held in trust
- Money kept for its purpose, not free to be spent on other things first. Storm chasers and contractor scams
- Holdback
- The depreciation the insurer keeps back from the first payment until you repair and send proof. How a homeowner's policy pays for a roof
M
- Mitigation
- Reasonable, cheap steps to keep damage from getting worse, such as tarping a hole in the roof. The first 72 hours after a hail storm
- Mortgage payoff
- The loan balance paid to your lender at closing. Selling a hail-damaged house as-is
N
- Net proceeds
- What you keep after paying the mortgage, repairs, selling costs and fees. Selling a hail-damaged house as-is
P
- Percentage deductible
- A deductible set as a share of the insured value instead of a flat dollar amount. How a homeowner's policy pays for a roof
- Policy
- The written contract between you and your insurer. Its wording controls what is covered. The first 72 hours after a hail storm
- Proof of loss
- A statement or documents showing what was lost and how much. Filing the claim and the adjuster visit
- Public adjuster
- A licensed person who works for the policyholder, for a fee, on a claim. See lesson hr-06. Filing the claim and the adjuster visit
- Public adjuster
- A licensed person you hire to help you with an insurance claim. Storm chasers and contractor scams
- Public adjuster
- A licensed person you hire to prepare and negotiate your claim; they work for you, not the insurer. When the insurer says no or pays too little
- Public insurance adjuster
- A licensed person you hire to help with your claim; a roofer may not claim to be one. Hiring a roofer the legal way (C.R.S. 6-22)
R
- Recoverable depreciation
- By Colorado statute, the difference between the cost to replace the property and its actual cash value. You may get it back once the work is done. How a homeowner's policy pays for a roof
- Red flag
- A warning sign that something may be a scam. Storm chasers and contractor scams
- Release
- A signed paper that gives up claims; signing one can end the claim. Filing the claim and the adjuster visit
- Replacement cost
- The cost to replace damaged property with new property of similar kind and quality, with no deduction for age. How a homeowner's policy pays for a roof
- Rescind
- To cancel a signed contract within a short window the law gives you. The first 72 hours after a hail storm
- Rescind
- To cancel a contract by giving proper notice, as if you backed out. Hiring a roofer the legal way (C.R.S. 6-22)
- Rescission
- Cancelling a contract by giving proper notice. Storm chasers and contractor scams
- Rescission
- Cancelling a contract; with a public adjuster, by written notice mailed within 72 hours after signing. When the insurer says no or pays too little
- Residential property
- A detached one- or two-family home, or several single-family homes up to three stories with separate exits; new construction is left out. Hiring a roofer the legal way (C.R.S. 6-22)
- Retainer
- A fee paid up front to hire someone. Storm chasers and contractor scams
- Roofing contractor
- A company that repairs or replaces roofs. Colorado requires a written, signed contract before roofing work starts. The first 72 hours after a hail storm
- Roofing contractor
- A person or business that does roofing work on a home for pay. Hiring a roofer the legal way (C.R.S. 6-22)
- Roofing work
- Building, rebuilding, changing, maintaining or repairing a roof on a home. Hiring a roofer the legal way (C.R.S. 6-22)
S
- Scope of work
- The list of what work will be done and what materials will be used. Hiring a roofer the legal way (C.R.S. 6-22)
- Selling costs
- Fees paid to sell, such as agent commissions and closing costs. Selling a hail-damaged house as-is
- Square
- A roofing measure of 100 square feet of roof surface. Filing the claim and the adjuster visit
- Statute of limitations
- The legal deadline for starting a lawsuit. How a homeowner's policy pays for a roof
- Storm chaser
- A contractor who travels to a storm area to find fast work and may leave before problems show. Storm chasers and contractor scams
- Supplemental claim
- A request for more money because missed damage or new costs were found after the first estimate. When the insurer says no or pays too little
- Surety
- A bond that backs a contractor's work or promises. Hiring a roofer the legal way (C.R.S. 6-22)
- Surety bond
- A bond that pays up if a licensed person or contractor causes a loss. Storm chasers and contractor scams
- Surety bond
- A financial guarantee that can pay people harmed by a licensed person's errors. When the insurer says no or pays too little
T
- Temporary repair
- A quick fix that protects the house until the real repair is done. It is not the full repair. The first 72 hours after a hail storm
U
- Underlayment
- The water-resistant layer installed under shingles. Filing the claim and the adjuster visit
- Unfair claim settlement practice
- Conduct listed in C.R.S. 10-3-1104(1)(h) that an insurer must not do, such as failing to respond reasonably promptly. Filing the claim and the adjuster visit
- Unreasonable delay or denial
- Holding up or refusing payment of a covered benefit with no reasonable basis. When the insurer says no or pays too little