Understanding Your Insurance Policy
KEY TAKEAWAYS
The insurance policy is a contract between the individual, business, or entity, and the insurance company.
The main documents in your policy are the declarations page and policy jacket AKA “policy form.”
The policy jacket contains language that defines the scope of the insurance coverage and exclusions.
The insurance company uses the wording in the policy jacket to confirm, deny, or limit coverage on your claim.
The insurance company’s adjusters are highly skilled at interpreting the wording in the policy jacket in favor of the insurance company.
BEYOND THE DECLARATIONS PAGE
Home and business owners mostly look at the declarations page of their insurance policy.
Unfortunately, the policy jacket, a document with crucial information is often overlooked by home and business owners.
The policy jacket defines the scope of the insurance policy’s coverage.
Insurance companies use the language in the policy jacket to determine whether a claim is covered by the insurance policy.
As a policyholder, you have the right to request a copy of your policy jacket. Most insurance companies can provide you this document in a PDF format, so that you may access it any time on your phone or computer.
SPEAKING INSURANCE
Most insurance policy jackets contain a definitions section that defines important words used in the policy jacket.
Insurance policies will bold or italicize words throughout the insurance policy that are defined in the definitions section of the policy.
The definition of a word used in the insurance policy may be different from the common meaning of the word, so it is important to check the definition of the bolded or italicized words in the definitions section.
COVERAGE SECTIONS
Each homeowners policy has sections that describe, cover, exclude, or limit coverage on certain types of losses. For example, losses that are commonly excluded from coverage by insurance policies are wear and tear, earth movement, flood, and neglect.
Determining coverage for your claim depends on properly interpreting the policy language, accurately articulating the cause of loss, and understanding insurance settlement regulations.
HOW WE CAN HELP
Reading the insurance policy right after a claim occurs can be overwhelming. Claim Guide conducts a free and thorough review of your insurance policy. This is just one of the many benefits of a public insurance adjuster.
Each homeowner’s insurance claim requires a unique strategy.
If you would like to discuss your circumstances and insurance policy in more detail, contact us for a free consultation.