News of the Week 3-5-18
Homeowners Insurance 101: Policy Declarations
The typical Homeowners Insurance policy in use today is a “package” policy that includes all sorts of coverage, some of which is obvious but some of which is not. The average policy will include about 50 pages of text that details the policy coverages, conditions, limitations and exclusions. Also, there is a sections that is referred to as the policy Declarations.
The policy Declarations tailor the policy to the needs of a specific insured and make the policy unique to the individual or individuals listed as the “Named Insured”. In addition to showing the Named Insured, the Declarations pages specify the insurance company providing the coverage, the policy number, the policy term, the location that is insured, the coverages and limits that apply, the coverage forms that apply, list any additional interests and show the policy premium.
Our next article will continue our “journey” of discovery into the land of the Homeowners insurance policy.
