Did you know, that your insurance policy is actually a contract? Insurance is a special contract that requires an offer to provide coverage and payment for your damage in the event of a property damage loss providing it is a “covered” loss. Contracts by design will often benefit one party more than the other; typically the author will be in the stronger position. This is no different with insurance. As policyholders, we expect, as long as we pay our premium, we will be paid for our damage if and when the time occurs. Or will we? Every first party property policy contains certain limitations, exclusions, definitions, and provisions that will not be listed on your declarations page and only outlined within the policy itself. Although you may not be able to interpret the “legalese” jargon within the policy and quite frankly, the carriers prefer it that way, you can get a pretty good picture of what the policy means when it comes to “exclusions.” Each year I see more and more limits and exclusions within policies, but the premiums continue to go up. Take a moment and open up your policy. It’s the most expensive book you will ever purchase and most likely never read! Review the “exclusions” section; shocked? Wait until you get to the “Right to Repair” section, that’s even more interesting! We’ll cover the “Right to Repair” in another blog…but for now, take a moment and briefly review that book you’ve paid a lot of money for..and you’ll soon understand the importance of having a licensed public adjuster representing you through your claim process.
