We know that reading an insurance policy can be tough. The insurance industry is working hard to make auto, home and business insurance policies easier to read. Most insurance policies are 40 to 60 pages, with lots of legal terms that are hard for even attorneys to understand.
But the fact remains, it is very important that you read and understand your insurance policy. To help make the task easier for you, we offer this guide.
Insurance Policy Reading Tips
Start With The “Declarations Page”
- Check all information to make sure it is correct.
- Review address, policy dates and names insured.
- Review limits to make sure they are what you ordered.
- Confirm premium information.
For Auto Policies, Check The “Vehicle Information”
- Is the correct vehicle identified?
- Verify the VIN number.
- Confirm the vehicle’s value.
- Review the list of drivers if they are identified.
The “Insuring Agreement”
This is the section where most of the key coverages will be found. Take time to review the various coverage and coverage terms.
It is very important to read this section as well. Typical examples of excluded perils under a homeowner’s policy are flood, earthquake, and wear and tear. A typical example of an excluded loss under an automobile policy is damage due to wear and tear. Business insurance exclusions can include employment liability, cyber liability, and criminal acts.
Every policy should include a Definitions Section to provide an explanation of certain language.
We are your trusted partner. Call us to help you better understand your policy. We can help explain what is in your policy and more importantly, help make sure that you are appropriately protected for the future.