How much do you really know about your insurance policy, from auto to home to life insurance or general liability? When you think about it, the answer may be that you know surprisingly little—and as complicated and as full of technical jargon as your policy may be, your insurance agent’s knowledge may not be as comprehensive as you hoped either.
In many states, different types of insurance are required, from automobile insurance to workman’s compensation. Many others are typically purchased, however, because having such protection in place is smart. But before you begin shopping for any type of coverage, be aware of exactly what any potential policy entails, as well as understanding the basic terms that may be couched in an overwhelming amount of legalese. Educating yourself before making any purchases means you will be better equipped to review your policy with the insurance agent too:
- Declarations – this is the basic first page, but very important to doublecheck when you receive your policy as it should include everyone who is covered as well as general information about the policy and timeframes encompassed.
- Coverage – property and damages that will be covered in the event of a claim are explained in detail; liability coverage may be explained here too.
- Premiums & deductibles – this is one of the most important parts of your policy as it explains how much you are due to pay, when, and the extent of your deductibles.
- Exclusions & limits – here, you can understand what types of coverage will not be covered in your policy, along with other types of coverage that will be paid in the event of a claim but only to a certain dollar amount.
- Conditions – what must be met for the claim to be paid; for instance, a damaged home should be secured after catastrophe to protect it as much as possible from further decline, law enforcement should be called if necessary in the case of an accident, and the policyholder must comply with investigations carried about by the adjuster.
- Endorsements – additional insurance coverage that can be purchased at extra expense outside the basics of the policy.
Are you concerned about a recent claim, or are you trying to understand your insurance policy? If a dispute over a claim cannot be easily resolved through a call or written communication, the Bolender Law Firm will advocate on behalf of policyholders through litigation, arbitration, or non-binding mediation. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!