The words your insurance company hopes you don’t look up.
Plain-English definitions for the contract language that decides whether your claim gets paid. No jargon, no legal advice — just the read. Each definition links back to the free policy audit so you can apply it to your own declarations page.
ACV vs. RCV
ACV (Actual Cash Value) pays what your damaged stuff was worth right before the loss; RCV (Replacement Cost Value) pays what it costs to replace today.
Depreciation
The amount the carrier subtracts from replacement cost because your stuff was used — held back until you actually finish the repairs.
Anti-concurrent causation
A clause that lets the carrier deny the entire loss if ANY contributing cause is excluded — even if a covered cause did most of the damage.
Sublimit
A cap inside your policy limit that limits a specific category — like mold, jewelry, or business equipment — far below your total coverage.
Endorsement
An add-on that changes the base policy — usually to extend coverage, raise a sublimit, or buy a specific peril back in.
Deductible (recoverable vs. non-recoverable)
Recoverable deductibles can be reduced or eliminated through specific endorsements or settlement structure; most are simply your share of every loss.
HO-3 vs. HO-5
HO-3 covers your dwelling on an open-perils basis (everything except what’s excluded) but personal property on named-perils only; HO-5 extends open-perils to personal property too.
Coverage A, B, C, D, E, F
The six standard Coverage letters on an HO-3 declarations page: A=dwelling, B=other structures, C=personal property, D=loss-of-use, E=liability, F=medical payments.
Ordinance or law coverage
A coverage line item that pays for the extra cost of bringing damaged parts of your home up to current building code during the repair — typically 10% of Coverage A by default, often insufficient.
Replacement cost vs. market value
Replacement cost is what it costs to rebuild your house with current materials and labor; market value is what someone would pay you for it on the open market. They are not the same number and the difference matters for both premium and claim payout.