How many of you really understand your homeowners insurance policy?

I'm curious how many of you have ever actually read your policy and understand what your coverage is? If not, has your agent explained it to you? Those videos of people who can't get their claims paid after a disaster are heartbreaking, and the common theme is "they had no idea." We pay them a fortune, and then "hope" they'll pay us if we need them. That is a scary deal.