How to Understand Your Property Insurance Policy

Very few people fully understand all of the implications of their property insurance policy. It would be unrealistic to expect otherwise. Still, it is critically important that you have a reasonable understanding of your policy. Above all else, you need to know that you have selected the right policy for your needs. It is a good practice to review your policy in detail. Of course, reading through the full policy terms is both time-consuming and intimidating. In order to facilitate a better and more efficient understanding of your policy, you should start your review by considering the following three sections:

Declarations Page

A review of your property insurance policy should always start with the declarations page. In this section, you will find a summary of some of the most important details of your policy. There may also be a very brief analysis of a few important policy provisions. More specifically, the declarations page should include answers to the following basic questions:

• Who and what is insured by your policy?
• What specific potential causes of loss are covered by your insurance policy?
• What is the value of the policy limit?
• What is the time period covered by the policy?

Conditions

After understanding the basics of your insurance coverage, you should then examine the conditions section of your policy. The conditions section will essentially outline the obligations that you must follow in order to receive payment from the insurance company. For example, the conditions section will likely outline your duty to provide your insurer with a proof of loss. Additionally, it may also state your duty to mitigate your property damages and your obligation to cooperate with the investigation of the insurer. Put simply, this section tells you what you need to do to in order to uphold your end of the bargain. It is imperative that you understand the full extent of your obligations. The failure to follow through with them could potentially harm your ability to recover for your losses.

Exclusions

You should also review your policy for any listed exclusions. This section will inform you of the times when you will not have coverage. Exclusions can come in a few different forms. Your policy will likely include some causes of loss which will not be covered. For example, many property insurance policies do not cover flood damage. Further, some specific property losses might not be covered under your policy. Ultimately, you need to be sure that your policy covers everything that you want it to cover. The last thing you need is for your claim to be unexpectedly denied because you did not realize the extent of the policy exclusions.

Do You Need Legal Assistance?

At Geyer Fuxa Tyler, our Fort Lauderdale property insurance lawyers have helped many property owners obtain the full and fair settlement offer that they deserve. If your property insurance claim was denied, or you need help understanding your property insurance policy, please contact our firm today to set up your free legal consultation. We proudly serve homeowners and businesses throughout Broward County, including in Deerfield Beach and Weston.