How Property Insurance Claims Actually Work (Without the Jargon)
Adjusters, deductibles, ACV vs RCV, depreciation, supplements, explained the way we'd explain them to a friend.
Elena Cho
Director of Homeowner Care
The claim is a conversation, not a form
Most homeowners think filing a claim is a one-time event. It's not, it's a months-long back-and-forth where documentation, timing, and clarity matter at every step.
ACV vs RCV, in plain English
Actual Cash Value (ACV) is what your damaged item is worth today, after depreciation. Replacement Cost Value (RCV) is what it costs to replace it new. Most policies pay ACV first, then release depreciation after the work is completed and documented.
Supplements are normal
An initial scope rarely catches everything. As work begins, additional damage is often uncovered. Submitting a supplement with proper documentation isn't adversarial, it's how the system is designed to work.
About the author
Elena Cho
Director of Homeowner Care
Elena leads NPSG's coordinator team and has personally walked thousands of homeowners through the recovery process.
- 10+ yrs claims advocacy
- Certified Loss Consultant