Named storm deductible

More claims & insurance terms

• 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 peril

  A specific cause of loss listed in the policy, such as fire, wind, hail, or theft. A named-peril policy pays only for the perils it lists, while an open-peril policy covers everything except what it excludes, so knowing which form the insured has changes what you can claim.

• 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.

• Peer review (insurance)

  A second look at a claim file or estimate by someone other than the adjuster who wrote it, often a reviewer, engineer, or consultant hired by the carrier. It can confirm the scope or cut it, and the contractor's best answer is documentation: photos, measurements, codes, and a written justification for each disputed line.

Common questions