You deserve to have a clear understanding of just what you’re dealing with in your homeowner’s insurance policy. Once you’ve got the terms down and understand what they mean, the next stage is taking a moment to understand what is actually described and explained in the policy that you currently have. After all, very few of us have actually read through our entire policies. This will help you make sense of it.
Exploring your home insurance policy
Let’s take a detailed look at each component of your policy so that you can know what to look for and expect in your policy.
The declarations page
This is the page that is often first in your policy itself. There is essential information on this page that you will want to study carefully to ensure it’s accurate! The details include your name, your home’s address, the coverage amounts per section, the deductibles, the floaters you have, if applicable, and the premiums you are paying.
This page is really helpful if you are looking at making a claim, too, since it will help you see at a glance what you can expect when making a phone call and filling out paperwork.
What is covered on your property
Another part of your policy is going to explain what you have coverage for. For example, different types of weather damage in addition to the standard policy, the coverage type in your dwelling as opposed to your outbuildings, etc. This is often a really interesting way to understand in detail what you have coverage for and what you don’t.
This area will also explain what you have for auxiliary protection. For example, some policies include loss of use coverage automatically, whereas others don’t. Some will include certain types of personal property, but not others.
Exclusions
For those who want to be prepared for whatever possibly comes their way, the exclusions section is most likely the most vital part. As the name suggests, this is going to expressly state what is not covered in your policy. The most common listings in this section include pest damage, acts of war or terrorism, flooding resulting in damage, and home office/business coverage.
Understanding what is excluded from your home insurance policy is going to matter if the opportunity arises to make a claim. If there is one page to study in-depth, this is it! You don’t want to file a claim for something that is namely excluded on this page! This kind of horrible surprise is much more common than you’d think.
Understanding your policy starts with this guide on what to expect in it, and continues with consulting with your insurance agent for a more personalized approach. This information also helps prime you for the meeting so that you can follow along with the conversation and prepare questions.
If you’re ready to take charge of your insurance policy and understand what you can expect for protection and how to read about it, this is a crucial stop on your information journey!
Contact Harbour Insurance Services at (281) 520-4090 for your home insurance and all personal insurance services. We look forward to helping you with your insurance needs.