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Learning to Read Your Insurance Policy

Getting a new insurance policy can be confusing. Sometimes it isn’t even clear exactly how to read an insurance policy once you get it. By focusing on a few key areas you can make sure you understand the most important details of your policy, so you’re not in for any unfortunate surprises, if the time comes to file a claim.

Request a Copy of Your Policy

When reading your insurance policy it is important to have the most up to date version. Request a certified copy of your policy from your insurance carrier, so you are confident you are working with accurate details.

Know Your Declarations and Conditions

The declarations let you know the fundamentals of your policy. This is where you will find the dates of coverage, who or what is covered and the limits of the coverage. The conditions are your responsibility to keep the policy in good standing.

Perils and Exclusions

It’s no good having a policy if you don’t know what is and is not covered by the policy. There are a number of reasons why certain activities or occurrences would be excluded, so it’s vital to know when your policy will not be eligible for claims.

When reading an insurance policy it is important to remember to be thorough. Read the entire policy, and if you ever reach a line referencing another section of the policy, read that section immediately for context. Now that you know how to read an insurance policy you’re more prepared to get the best possible coverage.