About Your Policy
Your policy was issued by Wellington Risk Insurance Agency, Inc., which is a managing general agency that administers insurance policies for a select group of insurance carriers. In addition to your Agent, Wellington will remain your contact for the life of your policy. Policyholder's have access to a dedicated Customer Care Unit for general policy information, and claims are generally serviced by Wellington Claim Service, Inc.
Ensure that you read your policy and understand the coverages. Your Agent is a valuable resource for any questions or concerns. Additionally, periodically review your coverages to account for any changes to your home, its value, and other considerations specific to you.
Below is some basic information that may help you when reviewing your policy. This is provided for information purposes only, and it does not supplement or amend the terms or conditions of your policy.
This is the portion of your claim that you are responsible for paying. Refer to your Declarations Page for the actual amount of your deductible. There may be different deductibles depending on the cause of loss or applicable endorsement.
Homeowners v. Dwelling
A Dwelling Policy typically provides insurance for only the building structures on the property (i.e. house). If your Declarations Page only lists one coverage type, you may have a Dwelling Policy. Additional coverages may, however, be purchased and added to this type of policy by endorsement. A Dwelling Policy is popular for owners of a rental home or second home. A Homeowners Policy generally provides coverage for the building structures, personal property, and liability (claims by third parties against you). This type of policy is popular for owners that live in the home.
Actual Cash Value (ACV) v. Replacement Cost
Policies typically require that payment for any covered claim be issued in the ACV amount. The ACV payment is equal to the total amount of your loss, minus your deductible, and minus any depreciation (this is the decrease in value of your property due to factors such as age, condition, and wear and tear). If your policy only allows for ACV, please note that the ACV payment alone generally will not be enough to repair or replace your property.
Some policies also allow for building structure reimbursement and/or personal property reimbursement (or terms of similar meaning), which means an additional payment can be made to reimburse you for costs in excess of the ACV. This may include, for example, recovering depreciation. As a condition to receive this recovery, you generally must repair, rebuild and/or replace the damaged, destroyed and/or stolen covered property within a certain amount of time after the date of loss unless you request in writing that this time limit be extended.