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More claims & insurance terms

• Replacement cost value

  What it costs to repair or replace the damage with like kind and quality at today's prices, without deducting for age. Most policies pay it only after the work is done and invoiced, so keep receipts and completion photos to collect the recoverable depreciation.

• Reservation of rights

  A letter in which the carrier says it is still investigating coverage and may deny the claim later. It is not a denial, but it means every dollar needs documentation, so keep working the file and answer requests on time.

• S500 standard

  The IICRC's water damage restoration standard that sets the categories and classes of water loss and the standard drying approach. In a claim it is the baseline for what counts as reasonable drying. It is a restoration standard, not a policy or a payment rule.

• S520 standard

  The IICRC's mold remediation standard covering how mold work is assessed, contained, and cleaned. When a claim includes mold, adjusters and remediators point to this standard to justify the scope. Its fit on a given loss depends on the carrier.

• Salvage

  Damaged property that still has usable value, which the carrier may deduct from the settlement because the policyholder keeps it. On larger losses, a carrier may ask you to set salvageable material aside for inspection. Document what is reusable and what is genuine waste.

• Scope of loss

  The written description of the damage and the work needed to repair it.

Common questions