← Back to Roof Insurance Glossary Last Updated: January 2025 | Category: Insurance Glossary Pre-Existing Condition Definition A pre-existing condition in property insurance refers to damage, deterioration, or defects that existed before the covered loss event (such as a hailstorm). Insurance policies typically exclude coverage for pre-existing damage because they only cover new damage caused … Read more

← Back to Roof Insurance Glossary What Is an Appraisal Clause? Last Updated: January 2025 | Category: Insurance Glossary Appraisal Clause Definition An appraisal clause is a provision in your homeowner insurance policy that provides a formal dispute resolution process when you and your insurance company cannot agree on the amount of loss or cost … Read more

← Back to Roof Insurance Glossary Last Updated: January 2025 | Category: Insurance Glossary Supplemental Claim Definition A supplemental claim (also called a supplemental insurance claim or supplement) is an additional claim filed after your initial claim when previously undiscovered damage is found or when the original estimate was insufficient to cover actual repair costs. … Read more

← Back to Roof Insurance Glossary Last Updated: January 2025 | Category: Insurance Glossary Insurance Deductible Definition An insurance deductible is the amount you pay out of pocket before your insurance coverage begins. For roof insurance claims, the deductible is subtracted from your total claim settlement, and you’re responsible for paying this portion of the … Read more

Last Updated: January 2025 | Category: Insurance Glossary ← Back to Roof Insurance Glossary Hail Damage Definition Hail damage is impact damage to roofing materials caused by hailstones striking the roof surface. Hail creates dents, bruises, cracks, and granule loss on asphalt shingles, compromising the roof’s protective function and reducing its expected lifespan. Even hail … Read more

← Back to Roof Insurance Glossary Last Updated: January 2025 | Category: Insurance Glossary Recoverable Depreciation Definition Recoverable Depreciation is the portion of your insurance claim that’s withheld initially and paid to you after you complete repairs and provide proof of payment. It represents the difference between Actual Cash Value (ACV) and Replacement Cost Value … Read more

Last Updated: January 2025 | Category: Insurance Glossary Replacement Cost Value Definition Replacement Cost Value (RCV) is the full cost to replace your damaged roof with new materials of similar kind and quality, without deducting for depreciation. RCV represents what it would cost to rebuild or replace your roof today at current market prices. In … Read more

Last Updated: January 2025 | Category: Insurance Glossary ← Back to Roof Insurance Glossary Claim Denial Definition A claim denial is your insurance company’s decision to reject your request for payment or reimbursement for covered damages. When an insurance carrier denies your claim, they’re stating they will not pay for the damage you’ve reported, based … Read more

Actual Cash Value (ACV) is the depreciated value of your roof at the time of loss. ACV equals Replacement Cost Value (RCV) minus depreciation based on your roof’s age and condition. ← Back to Glossary How Actual Cash Value Works in Roof Insurance Claims When you file a roof insurance claim in Colorado Springs, most … Read more