DO YOU SPEAK “POLICY LANGUAGE”? – Insurance policies are a contract between you and the insurance company.  They are written using a certain language.  Ask any insurance agent or adjuster and they’ll tell you about the “policy language”.  The policy language informs policyholders of their coverage, limitations, exclusions and what they must do (or not do) after they have a loss.  If you do not understand the policy language, you may unintentionally violate the terms of the contract.  This can lead to coverage being denied or drastically reduced.  Not understanding your policy’s language can impact the outcome of your claim.

Understanding the terms of your insurance contract and the policy language can also help you negotiate a better settlement.  For example, are you familiar with whether your claim is settled at RCV or ACV value?  If “recoverable” depreciation is withheld from your payment, do you know what to do to have it paid to you?