Resources
Glossary of Insurance Terms
Understanding insurance terminology helps you navigate the claims process with confidence.
Replacement Cost Value (RCV)
The cost to replace an item destroyed or damaged in the event of a covered loss by an insurance company. This represents the full, new market price.
Actual Cash Value (ACV)
The depreciated value of items at the time of the insurance claims assessment. Consider the age of the damaged item: if your roof is 12 years old, the ACV captures what a 12-year-old roof is worth.
Depreciation
The difference between RCV (new market price) and ACV (aged market price). This is the amount the insurance company holds back until work is complete.
How Payment Works
Homeowner receives the ACV amount less deductible for the first check, then receives the depreciation amount for the final check after the contractor submits work complete.
Need Help With an Insurance Claim?
Celtic Roofing uses the same software as your insurance company. We work alongside your adjuster to make sure your home is properly restored.
What We Do
