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The typical homeowners policy is divided into two sectionis, Section I – Property Coverages, and Section II – Liability and Medical Payments Coverage. In Section I – Property Coverage, you will usually find the following four subsections: Coverage A – Dwelling Coverage B - Appurtenant or Detached Structures Coverage C – Personal Property Coverage D – Additional Living Expenses In Section II - Personal Liability Coverage you will usually find two subsections: Coverage E - Personal Liability Coverage F - Medical Payments to Others A homeowners policy is usually also given a form number, an edition date and a name. That form number, name and edition date usually appear on your policy declarations page. As a policyholder, the actual policy is initially mailed to you when you first buy the policy. At renewal time, you don't get another new booklet, but a renewal declartions page. How Endorsements Change the Basic Homeowners Insurance Contract The coverage found in the basic homeowners policy form you have is usually modified by the attachment of what are called endorsements. If your basic homeowner policy language has been modified by an endorsement, the name of the endorsement, its form number and edition date should be shown the policy declarations page. In order to understand how an endorsement has changed coverage found in the basic homeowners policy, you must read the endorsement. At renewal time, you many also not get copies of the endorsements attached to your policy, although they will be listed on the renewal declarations page. With the above in mind, it is easy to see how as a policyholder with the same company for a number of years, you may no longer have any idea what your policy actually covers since you are no longer being sent the full policy and endorsements attached to it. Between 1994 and 2000, the coverage in many homeowner insurance policies sold in California has changed dramatically. If I asked you how your policy coverages may have changed during this time, how well could you answer this question? If you can't answer it, you need to read on and seriously think about completely reevaluating how well your current policy will protect you after a serious or total loss by fire. David Shaffer Insurance Services © 2000 |
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David Shaffer Insurance Services
