Reading Your Policy Made Easy

Reading your Policy made EasyMuch before signing contract with any insurance company, you need to thoroughly know what the policy includes. Without knowing it’s sections and the purpose of it, you will not make the best use of your policy. There are typically six main sections in almost all insurance policies.

  • Declaration Page: This being the first page of your policy, generally has all the required information such as insurer name, address, contact number, a description on policy, cost of policy and dollar amount of coverages included under the policy.
  • Definitions: Certain terms used in insurance will not be familiar to insured. In order to define the terms used and deliver the benefit of it by explaining what it means in detail is done on this page. A complete understanding of your policy and its coverages.
  • Coverages: The liability and property being covered to a limit under defined coverages.
  • Exclusions: Every policy will have its own limits. What is not covered under your policy will be clearly specified and laid out exclusively in the exclusion section.
  • Conditions: Insurance policy is a contract signed between you and the insurance company. It lists out the terms and conditions under your policy. It also details your duties at the time of loss. It explains the claim process and information on how settlement works.
  • Endorsements: This is an important section of your policy. It includes every amendment made on your policy be it to remove, add, or change the standardized coverage. With endorsements, you meet those special needs and requirements to be included in your policy. An insurance company can make use of endorsements to limit coverages.

Making Your Home Safe

  • Making Home SafeDecision on Coverages: Be a judge and decide how much coverage is required for your dwelling instead of over insuring your home and loosing your money. If you do not insure with necessary and enough coverage then you may face huge financial crisis. Make a note of coverages that is required for your home, contents and personal property because these will effect your Georgia home insurance premium.
  • Deductibles: When you claim for insurance the amount which you will pay from your pocket will be deductible. For example if you have selected comprehensive deductible to be $100 and if you have undergone a loss of $250, then you will have to pay $100 from your pocket and remaining $150 will be payed by the insurance company. Select your deductibles wisely.
  • Discounts: To reduce your premium you need to select the discounts in a smart way. By obtaining discounts you can lessen your premium. Every home insurance company provides discount. Ask your agent in order to know how does your policy benefit you. By installing safety devices such as dead bolts, anti-theft alarms, burglar systems etc you not only protect your home but will also obtain discounts on it. If your house is located near to fire station, fire hydrant, even these factors will lessen your burden.
  • Packages: Each home insurance company offers different packages. All packages have wide variety of options while choosing your coverages. You need to select required coverages smartly. Along with basic coverages you have additional ones such as additional living expenses, personal liability, property damage and medical payments.
  • Shop for your insurance: You can get to know about home insurance from your State Department of Insurance. There are sources such as telephone directory, yellow pages, local agents and newspapers who will help you know about insurance.
  • A check on your insurance: If you get your home insurance then it is not the end. You need to study about the company and its policies once in a year. Keep checking about the coverage plans also.