Policy Understanding Playbook
Decode your insurance policy. Understand coverage types, deductibles, exclusions, and what you're actually covered for.
Understand Coverage Types
Learn the difference between Actual Cash Value (ACV) and Replacement Cost Value (RCV). ACV pays depreciated value; RCV pays full replacement cost. Most policies are RCV for dwelling.
Know Your Deductible
Your deductible is what you pay before insurance kicks in. Common amounts are $500-$2,500. Some policies have separate wind/hail deductibles (often 1-2% of dwelling value).
Review Coverage Limits
Check your policy's coverage limits for dwelling, personal property, and additional living expenses. Ensure dwelling coverage is sufficient to rebuild at current costs.
Understand Exclusions
Review what's excluded: normal wear and tear, maintenance issues, certain types of damage, and pre-existing conditions. Understanding exclusions sets realistic expectations.
Know Your Rights
Understand your rights as a policyholder: right to choose contractors, right to appeal, right to dispute assessments, and right to file complaints with state insurance departments.
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