a guide to your homeowners policy - united policyholders · 2020-01-05 · a guide to your...

© 2016 United Policyholders, All rights reserved. Website: www.uphelp.org | Email: [email protected] | Federal Tax ID: 94-3162024 A Guide to Your Homeowners Policy Insurance policies are usually divided into sections or categories by what is covered and the maximum amounts the insurer will pay in the event of a loss. Here’s a basic summary of the main types of coverage in a typical homeowner’s policy. You’ll need to do some math and piecing together to figure out what your policy limits actually are. Don’t rely solely on your insurer’s calculations. If you don't have a complete and current copy, ask for one (in writing) and make sure you and the company adjuster are working off the same document. There's math involved in figuring out how much you're entitled to for dwelling replacement, debris removal, trees and building code compliance. Do your best to read your policy over and over until you have a basic understanding of what's in it. Start by reading your policy's "declarations page". It shows how your policy is divided into coverage categories: • Dwelling ("Coverage A") • Other Structures ("Coverage B") • Personal Property ("Coverage C") • Loss of Use/Additional Living Expenses ("Coverage D") Here is a sample of a declarations page. Your declaration page may look nothing like this, but it should have the same basic categories and info. See next page for color coded explanations of categories.

Upload: others

Post on 03-Jun-2020

2 views

Category:

Documents

0 download

Report

Download

Embed Size (px):

TRANSCRIPT

AGuidetoYourHomeownersPolicy

Insurancepoliciesareusuallydividedintosectionsorcategoriesbywhatiscoveredandthemaximumamountstheinsurerwillpayintheeventofaloss.Here’sabasicsummaryofthemaintypesofcoverageinatypicalhomeowner’spolicy.You’llneedtodosomemathandpiecingtogethertofigureoutwhatyourpolicylimitsactuallyare.Don’trelysolelyonyourinsurer’scalculations.Ifyoudon'thaveacompleteandcurrentcopy,askforone(inwriting)andmakesureyouandthecompanyadjusterareworkingoffthesamedocument.There'smathinvolvedinfiguringouthowmuchyou'reentitledtofordwellingreplacement,debrisremoval,treesandbuildingcodecompliance.Doyourbesttoreadyourpolicyoverandoveruntilyouhaveabasicunderstandingofwhat'sinit.Startbyreadingyourpolicy's"declarationspage".Itshowshowyourpolicyisdividedintocoveragecategories:

• Dwelling("CoverageA")• OtherStructures("CoverageB")• PersonalProperty("CoverageC")• LossofUse/AdditionalLivingExpenses("CoverageD")

Hereisasampleofadeclarationspage.Yourdeclarationpagemaylooknothinglikethis,butitshouldhavethesamebasiccategoriesandinfo.Seenextpageforcolorcodedexplanationsofcategories.

Page 2: A Guide to Your Homeowners Policy - United Policyholders · 2020-01-05 · A Guide to Your Homeowners Policy Insurance policies are usually divided into sections or categories by

ReadingyourDeclarationsPage:

Dwelling(CoverageA):Thisisthe“bigticket”iteminyourpolicy.Youractualcoverageincategory“A”maybehigherthanstatedherebecauseyourpolicymaycontainincreasesvia“endorsements.”Wewillcallendorsements“extras”forsimplicity.Theextrasshouldbeexplainedinthepolicywording.Doyourownmathtocalculateyourcoverageandapplyallextrasyourpolicyincludes.Separate/OtherStructures(CoverageB):Usuallyonlycoversstructuresthataredetachedfromthemaindwelling(garages,retainingwalls,decks,fences,etc.)Thislimitmayincreasewiththeextrasdescribedunder“Dwelling”above.Ifyourdwellingisunderinsured,readyourpolicycarefullytoseeifanyitemscanbemovedintothiscategory.Contents/PersonalProperty:Thislimitoftendoesnotgetadjustedbutmaybeadequate.Youmayhavetolistandvalueeverythingyoulostbutaskifyourinsurerwillwaivethatrule.Yourinsurerwilldepreciate(oftenexcessively)andpay“ActualCashValue”untilyoureplace.Submitreceiptstogetpaidinfull.Getextensionsoftimewhenneeded.LossofUse/AdditionalLivingExpenses:Thislimitcoverscomparablehousinguntilyoucanmovebackin,andotherexpensesrelatedtolosingtheuseofyourhome.Itwon’tcovermortgagepayments.Thiscoveragecaneitherbeadollarlimitoratimelimitorboth.SomeALEpaymentswillbeadvanced;mostare“asincurred.”Submitreceiptsandinsistonfullreimbursement.BuildingCodeUpgradeCoverage:Ifyourpolicydoesn’tincludethis,contactyouragentandfindoutwhythiswasnotincluded.Youcan’trebuildwithoutcomplyingwithbuildingcodesandthiscoveragehasbecomestandard.Theamountisusuallysetinthepolicyasapercentageofyour“A”coverage.ExtendedReplacementCostCoverage:Anextrathatincreasesyour“A”andpossiblyBandDlimitsby25-100%.Readyourpolicytodeterminewhichcategoriesofcoveragethisextramayapplyto.Argueforthemaxifyouneedit.PersonalPropertyReplacementCost:Meansyourcontentsarecoveredatreplacementvaluesodepreciatedonlytemporarilyuntilyoureplacewhatyoulost.

Theinformationpresentedinthispublicationisforgeneralinformationalpurposes,andisnotasubstituteforlegaladvice.Ifyouhaveaspecificlegalissueorproblem,UnitedPolicyholdersrecommendsthatyouconsultwithanattorney.Guidanceonhiringprofessionalhelpcanbefoundinthe“FindHelp”sectionofwww.uphelp.org.UnitedPolicyholdersdoesnotsellinsuranceorcertify,endorseorwarrantanyoftheinsuranceproducts,vendorsorprofessionalsidentifiedatourwebsite.

YOUR HOMEOWNERS POLICY QUICK INDEX REFERENCEdocs.nv.gov/doi/documents/home_policies/American...YOUR HOMEOWNERS POLICY QUICK INDEX REFERENCE Named Insured Location of Your Property

High Value Homeowners Policy - NJ 072012

High Value Homeowners Policy - NH - PHVH-PCF-NH-001 …

Landslides / Mass Wasting. From My Homeowners Policy (Why this is so important)

SAFECO HOMEOWNERS POLICY Table of Contents

HOMEOWNERS' · 2019-08-27 · HO-3 (01-07) For information regarding this policy, please contact your Shelter Insurance Agent. HOMEOWNERS' INSURANCE POLICY SHELTER INSURANCE COMPANIES

Specialty Homeowners (HO-10) Insurance - … Coverage Liability – Policyholders are covered if an injury occurs to someone while on their premises, or if they accidentally injure

FARMERS NEXT GENERATION HOMEOWNERS POLICY Missouri

Bupa Health Insurance Hospital Policy Changes...Bupa has advised that these changes will affect 720,285 policyholders. Until 1 July 2018, policyholders are eligible to receive a “restricted”

SPECIAL FORM HOMEOWNERS INSURANCE POLICY€¦ · SPECIAL FORM HOMEOWNERS INSURANCE POLICY CSE SAFEGUARD INSURANCE COMPANY CORPORATE HEADQUARTERS 2121 North California Blvd., Suite

HOMEOWNERS POLICY - J.E. Brown & Associates

Florida Advantage Homeowners Policy Program Manual