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Understanding Your Policy

Updated: Nov 26, 2022

Don't be misled by others.

We know that understanding your homeowners insurance policy can be a little overwhelming. The terms and coverages language is hard to interrupt if you have coverage or you don't have coverage. Here are some terms you see in your insurance policy. I will explain terms like your dwelling, other structure, contents, loss of use, replacement cost. Let me shared a few of these terms below;

Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to guarantee another party compensation in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. Wikipedia

Declaration Page

The Declaration Page is the first page or pages of your insurance policy and summarizes important information about your policy, including:

  • Who are the insured (s)

  • A description of what’s insured

  • Coverage

  • Explanation of your coverage

Policies are typically 12 months in length.

Dwelling Coverage (Coverage A)

Dwelling covers the cost to repair or rebuild the physical structure of your home in the event of a covered loss.

Other Structures (Coverage B)

Other structure provides coverage for structures on the property but not attached to the home, such as a fences, detached garage, and driveways.

Personal Property (Coverage C)

Personal Property including electronics, furniture, appliances, etc. If you were to pick your home up and turn it upside down than that would constitute personal property.

Loss of Use (Coverage D)

Loss of use insurance is a type of policy that covers expenses incurred when the insured cannot temporarily use their property due to damages that render it uninhabitable or an order to evacuate from lawful authorities, such as police or disaster relief teams.

Replacement Cost

The amount that it cost to repair, replace, or rebuild damaged property after a covered loss, without deducting for depreciation.

Actual Cash Value

Actual cash value (ACV) coverage will pay you the current value to replace damaged or stolen property. The insurance company determines actual cash value by deducting for depreciation in the value of an item.


A deductible is the amount you are required to pay out of pocket when filing an insurance claim. A deductible is the portion of the risk that you accepted to pay after a loss. the right amount for your risk.

We discuss claim secrets that will help you collect money owed to you. Our podcast is not scripted. We are also licensed public adjusters, we dedicate ourselves to servicing you and your insurance claim. As we handle your claim swiftly and effectively, you will be able to focus on what really matters; the recovery and well-being of you and your family.

We understand that your claims process may be overwhelming, and our experts are here to assist. Corey Locke & Troy Willis are both understanding of their insurance policies and the claims process. Claims Underground will have discussions with the top industry leaders so to help a policyholder claim process effectively.

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