Named peril

More claims & insurance terms

• Mold assessment

  An inspection that identifies mold, the moisture feeding it, and the affected area, often with air or surface samples sent to a lab. It is normally done by a party separate from the removal crew, and mold coverage is limited or excluded on many policies, so check the carrier before promising payment.

• Mold damage

  Loss caused by mold growth after a water intrusion that was not dried promptly. Most policies treat mold as a limited or excluded peril, so the carrier decides what is paid, and the claim is stronger when the drying records show the structure was handled properly.

• Named storm deductible

  A separate deductible, often higher, that applies when damage comes from a storm the policy defines as a named storm, such as a tropical storm or hurricane. It is often a percentage of the dwelling limit instead of a flat amount, so the policyholder's share is far larger. Exactly what triggers it is set by state rules and the policy wording.

• Notice of claim

  The insured's report to the carrier that a loss happened, which starts the clock on the policy's duties for both sides. Prompt notice is a policy condition, and late notice can be raised as a reason to deny, though how strictly that is enforced varies by state and carrier.

• Occurrence

  The event that causes a loss, such as a hail storm or a burst pipe, and the unit most policies use to apply limits and deductibles. One storm can be one occurrence for many homes, and how occurrences are counted decides whether a loss is paid or capped.

• Other structures

  Coverage for detached buildings on the property, like a garage or a shed.

Common questions