Understanding Your Homeowners Coverage

Your Homeowners Declarations Page is the summary of your coverage. It is received annually and is unique to what you have selected as to the needs to cover you and/or your home from loss.

The Basics – The Declarations Page makes you
aware of the following basics about your policy:

• Name and address of the Primary Insured
(If married, you or your spouse)
• Name and address of your agent
• Policy Number
• Policy Effective Date
• Name of Mortgage Company that holds your loan (make sure this is up to date)
• Annual Premium
• Deductible
• Any endorsements you have added to your policy (Flood Insurance for example)

Section I – The basic four categories are:

1. Coverage of your home (dwelling)
2. Coverage of other structures (fence, shed)
3. Coverage of your personal property
4. Coverage for the loss of your property

Certain perils such as flood and earthquake are not covered. You need to purchase a separate endorsement to obtain this coverage.

Section II – Liability and Medical Payments to others

This covers you for bodily injury or property loss that other may realize in connection with your property.  This typically ranges from $100,000 to $500,000 in coverage. Examples include someone injuring themselves on your trampoline (make sure your carrier is aware that you have a trampoline).  You would be covered to pay their medical expenses for three years.  You would also most likely be covered should your dog bite someone, or your grill causes a fire that damages your neighbor’s property.

Insurance is seldom cut and dry.  It is always a good idea to ask questions and review your policy once a year.

March 17th, 2015 by Still Creek Insurance