Know And Understand Your Insurance Policy Documents

Rodriguez Law Group, Inc.

Date: December 5, 2024

Knowing and understanding your insurance policy is important. It can save you time and

money in some instances. It’s important to note that an insurance policy is written and

structured as a contract. There are five basic parts to an insurance policy. Some policies

include an additional part, Endorsements.

1. Declaration Page: The section of your policy that includes the policyholder’s

name and address, the property being insured, its location, and its description. It

also summarizes the details of the policy, including the policy coverages,

coverage limits and premiums.

2. Insuring Agreements: This section of the document outlines what is covered by

the policy. It also includes what the insurer promises to do and not do. Since the

policy is a binding contract, it’s important to spell this out.

3. Definitions: This section provides definitions of designated terminology listed

throughout the document. The definitions explain the special meaning of those

words.

4. Exclusions: Exclusions are specific acts, property, types of damage or locations

that the insurer will not cover. These items are typically listed as a provision in the

insurance policy that removes coverage. Exclusions help insurers avoid risks that

are too high or unpredictable and help narrow down the scope of coverage.

5. Conditions: This is the section where the insurance company qualifies their

promises to the insured. Typically, an insurer does not cover all losses.

Requirements and conditions are imposed on the insured such as paying the

premium or steps to follow if a loss occurs. Failure to meet your obligations can

void the policy or restrict the coverage received.

Additional Sections Within an Insurance Policy

6. Endorsements: This is the section where additions are added to the policy. This

amends or alters the contract. In most instances, this is additional coverage

requested by the insured. It can provide extra coverage limits or cover items not

covered by the original policy. Not all insurance policies include endorsements.

In Conclusion:

Having a good understanding of your policy can give you peace of mind when a

damaging event strikes. Losses happen. When they do, you will know the proper

steps to follow when filing a claim with your insurance company. If you do not

understand anything within your policy, it is important to seek clarification from a

representative of the insurance company.

If you have legal questions or need representation, contact us at 626-888-5206. We can

guide you through your personal injury, property damage, real estate, conservatorship

and civil defense matters.

Disclaimer: This is not legal advice but general educational material. This does not

create an attorney & client relationship. You should consult an attorney in your locale.