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- Actual cash value (ACV)
- Replacement cost minus depreciation. Many policies pay ACV first and the rest after repairs.
- Additional living expense (ALE)
- Coverage for extra costs of living elsewhere while your home is being repaired, often Coverage D.
- Amount of loss
- The dollar value of covered damage. This is what an appraisal panel decides.
- Appraisal award
- The written decision signed by two of the three panel members setting the amount of loss.
- Appraisal clause
- The policy provision that lets either party demand appraisal when they disagree on the amount of loss.
- Appraiser
- The person each side appoints to value the loss during appraisal.
- Coinsurance
- A clause that can reduce payment if the property is insured for less than a set percentage of its value.
- Coverage A
- Dwelling coverage for the structure of the home.
- Coverage B
- Other structures coverage for detached garages, fences, sheds and similar structures.
- Coverage C
- Personal property (contents) coverage.
- Declarations page
- The summary page of your policy showing limits, deductibles and the named insured.
- Deductible
- The amount you pay before the policy pays.
- Depreciation
- The reduction in value of an item due to age, wear and condition.
- Drip edge
- Metal flashing along roof edges that directs water into the gutter; often required by code.
- Endorsement
- An addition or change to the policy that adds, removes or modifies coverage.
- Estimate review
- A line-by-line analysis of an insurance estimate for missing items and pricing errors.
- FAIR plan
- A state program offering basic property coverage to owners who can’t get it in the regular market. Delaware’s is the Insurance Placement Facility of Delaware.
- Flood
- Rising water from storm surge, tides, rivers or overland flow — usually excluded from homeowners policies.
- HO-3
- The most common homeowners policy form, covering the dwelling on an open-perils basis.
- HO-6
- A condominium unit owner’s policy covering the unit’s interior and contents.
- Holdback
- Depreciation withheld from the first payment and paid after repairs are completed.
- Hurricane deductible
- A separate, often percentage-based deductible that applies to hurricane or named-storm losses as defined in the policy.
- Ice dam
- A ridge of ice at the eaves that causes melting snow to back up under shingles.
- Impartial
- Fair and without bias; many policies require appraisers to be impartial or disinterested.
- Line item
- A single priced entry on an estimate, such as “remove and replace drywall.”
- Matching
- Whether replacement materials must match undamaged materials in color, texture or style.
- Mitigation
- Steps taken to prevent further damage after a loss, such as tarping or water extraction.
- Named storm
- A tropical storm or hurricane named by the National Weather Service or National Hurricane Center.
- NFIP
- The National Flood Insurance Program, which provides most flood insurance in the United States.
- Nor’easter
- A coastal storm with strong northeast winds, common in Delaware from fall through spring.
- Ordinance or law coverage
- Coverage for extra costs to bring repairs up to current building codes.
- Overhead and profit (O&P)
- A general contractor’s charges for coordinating multiple trades, often 10% and 10%.
- Proof of loss
- A sworn statement of the amount claimed, which some policies require within a set time after request.
- Replacement cost value (RCV)
- The cost to repair or replace damaged property with materials of like kind and quality, without depreciation.
- Scope of loss
- The full list of damaged items and repairs needed.
- Square (roofing)
- 100 square feet of roof surface.
- Steep charge
- Additional labor charge for working on steep roof slopes, often 7/12 or greater.
- Supplement
- A request for additional payment for items missed or under-priced in the original estimate.
- Suit limitation
- A policy clause setting the time within which a lawsuit must be filed.
- Umpire
- The neutral third party who decides items the two appraisers can’t agree on.
- Waste factor
- Extra material added to an estimate to account for cutting and fitting.
- Wind-driven rain
- Rain forced into a building by wind, often through openings created by the storm.