Have you ever started reading your insurance policy, just to find yourself skimming over it after a few minutes, or even putting it aside for another day (a day that probably never comes)? Welcome to the club! While the law requires that all insurances policies be drafted in plain English it may still be complex to understand all of their mumbo jumbo.
However much you may not want to, it is always recommended that you understand the precise language of your particular insurance policy, to ensure you never find yourself at a disadvantage should the need ever arise to make a claim. So, who better to help you understand your policy, than the professionals at Hegarty-Haynes Insurance?
The most commonly included parts within any insurance policy are as follows:
Declarations –The information contained on this page is simplistic in nature and includes the names of who are insured, the policy’s period of coverage, a description of what’s insured (i.e. your home, auto, recreational vehicle, etc.) as well as your primary coverage limits.
Definitions – This section provides you with definitions contained within your policy. For example, “deductible” is defined as a specified amount of money that the insured must pay, before an insurance company will file a claim. The word “premium” is defined as an amount to be paid for an insurance policy.
Coverage – This section provides you with information on what your specific policy convers. For example, an auto insurance policy may cover full replacement, or it may only cover liability. In Arizona it may also cover full glass replacement. It pays to read this page in detail.
Exclusions – The exclusions page describes what limits may exist to your coverage. For example, your renter’s insurance policy may exclude water damage if it was caused by an overflowing sink or tub. If you would feel more comfortable adding on additional insurance to cover your current exclusions, you can do so at any time.
Conditions – This section explains in detail what the insurer’s responsibilities are as well as what yours are as the policy holder. Information contained within this section includes how to cancel and pay for your insurance policy.
Endorsements – This page typically covers any optional coverage you can add on to your existing policy. Additional premiums often exist. Endorsements allow you to customize your policy to best meet your particular needs.