When you are faced with the reality that you must file an insurance claim, you may have a lot of questions and concerns. That’s where our insurance adjusters come in. We work on your behalf, every step of the way, to help you not only file an insurance claim but understand the process as well. We will even speak directly with your insurance company on your behalf.
As public insurance adjusters for Wisconsin, we may take care of the hard work for you; however, we also understand you like to stay in the loop as well. There can be a lot of jargon being thrown around and we are here to help you understand the sometimes confusing lingo of the insurance world. So we thought we would take the time to define some of the most commonly used terms you may encounter when navigating the insurance claims process. And, when you need help from a trusted, professional insurance claims consultant, don’t hesitate to contact the experts at Norcia Insurance Consultants!
Actual cash value – The value of your property, based on the current cost to replace it minus depreciation. Also see “replacement cost.”
Adjuster – There are two different types of insurance adjusters. First, there is an insurance company adjuster, who works for the insurance company. Then there is a public insurance adjuster, who works independently of an insurance company and is usually hired by the claimant.
Claimant – The person making the insurance claim.
Complaint – A written communication primarily expressing a grievance against an insurance company or agent.
Deductible – This is the amount of money the policyholder must pay before the insurance company will pay out.
Loss – The amount an insurance company pays on a claim.
Policy – The contract issued by the insurance company to the insured.
Policy owner – This is the person who owns the policy. Usually it is the person who is paying the premiums and is the only person who is allowed to make changes to the policy.
Property damage (PD) – Physical damage to property.
Replacement cost – Insurance coverage that pays the dollar amount needed to replace the structure or damaged personal property without deducting for depreciation but limited by the policy’s maximum amount.
And, these are just some of the common insurance claims terms that you may come across during the insurance claims process. Luckily, Norcia is here to help! For more information on insurance adjusters in Wisconsin, call Norcia Insurance Consultants at 1-866-512-LOSS (5677) or contact us for a Free Consultation.