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How well do you know your insurance policy?

A water damaged basement, a home fire or vandalism to your business are fears, everyone faces every day. After such an event occurs, you need to be prepared and ready and knowing your policy can allow you to better protect yourself. Have you ever taken the time to read and examine your insurance policy? Are you aware of the details of your responsibilities and what exactly does it cover? In this article, we will provide you a few tips to keep in mind when reading and understanding your insurance policy.

If you currently have insurance, knowing your policy, coverage, and limits should happen before any disaster strikes. Being ready can be the difference when starting an insurance claim process. Know the categories in which your insurance is divided:

  • Policy Conditions: 

This is what the insurer must fulfill in order to maintain coverage. If you, as the insurance owner, fail to cover any of the conditions listed on your policy, the insurance company can easily refuse your insurance claim due to you failing the conditions listed.

  • Insuring Agreements

​What losses are covered by your insurance among the details of the insurance policy and the description of the property. For any property insurance claim, it must be covered and listed on this category of your insurance policy for the claim to proceed. Not listed as a exclusion.

  • Declaration

​List of covered damages and incidents and policy limits. Also information about others who have an interest in the policy.

  • Limits and exclusions

​Details of damage or property loss that are not covered. Property can be insured up to special limit. Declaration that you as the owner of the insurance policy accept and understand the limitations.

This are some of the specs and details you may find on your insurance policy. Being able to understand the complexity of the details of your policy can be difficult. When looking to start and insurance claim it is always best to assess with a team of insurance claims specialists like the team at Jeff Slater Consulting. With over 20 years of experience, handling the specs of your policy and working on your claim will help you get the settlement you are looking for.

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