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There are six major categories of coverage, often divided into two sections
(e.g., Section I for property protection and Section II for liability protection).
Subsections are denoted by the first six letters of the alphabet, A
though F. If your policy declaration page does not have one of these
lettered subsections, you do not have that type of coverage. Note that if you have a renters insurance policy, you would not have Coverage’s A and B; if you have a condominium insurance policy, you may not have Coverage B. If you need that
type of coverage, contact your insurer or its agent. Your Policy Declaration
Page should look something like the following:
| Section I. A. Dwelling Coverage: |
$ |
| (Note: You must maintain coverage equal to at least 80 percent of the
value of your claim to cover full replacement of your home in the event
of damage from covered perils.) |
|
| Section I. B. Other Structures Coverage: |
$ |
| (Note: This subsection discusses damage to sidewalks, fences, or covered
buildings that are on your property but are not attached to the main living
quarters.) |
|
Section I. C. Personal Property Coverage:
|
$ |
| (Note: Experts recommend that you purchase a Personal Property Replacement Cost endorsement.) |
|
| Section I. D. Loss of Use Coverage: |
$ |
| (Note: Subsection D will typically show a limited period for which a claim
is payable, such as "Up to 12 Months of Benefits" and sometimes to a limited
or unlimited monthly benefit to pay for alternative housing.) |
|
| Section II. E. Personal Liability-Each Occurrence |
|
| Coverage: |
$ |
| (Note: If you don't specify an amount of personal liability coverage,
the insurer will often put your liability coverage at $100,000. Experts
recommend $300,000.) |
|
| Section II. F. Medical Payments to Others-Each Person |
|
| Coverage: |
$ |
| (Note: If you don't specify an amount of medical payments coverage, the
insurer will often put your medical payments coverage at $1,000. Experts
recommend at least $5,000.) |
|
If there is a credit for fire or burglary devices in the home, it would normally
follow the above six subsections. An annual premium amount follows that.
What Else is in Your Policy?
If any other coverages or endorsements are covered, they should be printed on
attached pages of the policy.If there is a deductible, i.e., the money you would
first have to pay before a benefit is payable under your policy, it would normally
state for "Section I Only", i.e., property protection subsections, and would
be stated next. You may have a separate deductible for wind and hail damage
and another separate deductible for all other perils.
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