How to read your insurance policy

Pat Garrett |

 November 1, 2020

Paying the premium for your property is the first and last time many insureds think about their insurance policy. Understanding what you are paying for and how this will affect your claim is priority number one! If you have questions about your policy, give us a call. Garrett Claims Group is adept at identifying policy conditions, schedules, endorsements and advocating for property owners.

Breaking down your insurance policy:

  • Declaration Page
    • Property identified properly?
    • Amount Insured- Home or business adequately insured to value?
      • Structure: Can you rebuild it for that amount?
      • Contents: Is this enough to replace my belongings?
      • Loss of Use/ Business Interruption: Will this amount suffice?
    • Additional Insured- other than named insured that insurance benefits extend (IE: Mortgage Company)
      • Does this apply or must be amended?
  • Endorsements- Adding or taking away of coverage
    • Do you understand how this affects the policy, your damages and premium?
    • Do you need additional coverage?
    • Values increased?
  • Obligations in the event of a claim
    • What are my duties and rights?
  • Flood versus Wind versus Standard 
    • Do I need all 3 policies?
    • When do each pay?