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If you answered No or I don't know, it is probably a clear indication you have some blind spots in understanding your insurance policy. This is not a safe place to be since the unexpected can happen without warning and you are depending on your policy.
Most insurance companies offer similar policies. However, companies can add changes, called endorsements that add coverage or limit the coverage you have. You need to know what endorsements your policy contains, how it affects your overall coverage and if it could financially affect you. Policies provide coverage, limit coverage and also exclude coverage.
Most homeowner insurance policies provide for what is known as Replacement cost for the home but only up to 100% of the policy value. In some cases, an additional 25% of coverage can be secured for 125% of house value. Most companies provide a specific dollar amount to rebuild or replace your home if a large claim occurs. That means your policy must keep up with inflation. Check your policy to see if clearly states “Guaranteed Replacement Cost” for your home. If it does, your all set. If not, are you satisfied with your insurance value?
Insurance policies usually exclude coverage for the overflow of toilets. The good news is, you can add that coverage to your policy for very little cost. If you do not have this additional insurance and a backup occurs, it will not be covered. (Consult your policy)
Insurance policies generally provide coverage for jewelry if there is a covered claim such as fire. Insurance policies usually provide limited theft coverage for jewelry. (Consult your policy) The limits stated in the policy may not be enough to replace the item if stolen. If you want your insurance policy to pay for jewelry that is lost or stolen, most likely you will need to add that feature or your policy probably will not be able to help your frustration.
Identity theft is not generally named as a covered cause of loss in an insurance policy. You will need to consult your policy for clarity and consider adding this feature if you do not have it if you desire this coverage.
For most people, cost is very important. You want to feel you have received the best value for your money. BUT, are all policies are the same? You might find a less expensive policy but may have given up policy features that provide specific protection that you want. Make sure any policy change that you make will include coverage that is as good or better than what you are leaving behind. (Consult the policy you are leaving and the policy you are purchasing for comparisons)
Some companies might provide up to 6 months or more to file a claim while others may have a cut off at 90 days. For example, if a storm damages your roof but you do not find out about it for 4 months and your policy has a 90 day cut off for a claim, most likely the insurance company will not pay for the storm damage to your roof. You need to know how long you have to file a claim in the event of a loss. (Consult your policy)
Any information contained on this page and website is for general information purposes only. This information is not to be viewed or taken as legal advice. This information does not provide or replace any policy language from any policy you own or intend to own. You may speak to a licensed agent for information. For specific information about your policy you must consult your legal contract which is the policy you have purchased.
To provide some additional peace of mind, get some questions answered or something else, why not take a moment and send a request for a quick discussion. Use the link below to request a time to meet. You will be able to customize how to be contacted. We look forward to speaking with you.