Understanding My Policy

Becoming familiar with your insurance policy should not feel overwhelming. That’s why we offer a few basic descriptions of a typical policy’s structure. Take a look at the information outlined below to help you better understand the insurance you have purchased with ASI.

Overview of Basic Policy Structure

Insurance policies have a Declarations Page that states the specific term and coverage limits. Be sure to pay special attention to the following:

• Insured Names - Verify the names and make sure they are spelled correctly.
• Effective Date - Check the effective date on the policy. Verify the date is correctly stated for the intended term. For example: 9/1/16 to 9/1/17.
• Deductibles - Take note of the deductible amounts stated. You will be responsible for this amount if you have a claim.
• Mortgagee - Verify the mortgagee listed is accurate. It is important to notify your agent or insurer if your mortgagee changes.

Corresponding policy forms will accompany the Declarations Page and state the specific coverage, conditions and exclusions of the policy. For example, a standard homeowners insurance policy may consist of the following sections:

• Coverage A - Coverage for the dwelling.
• Coverage B - Coverage for structures unattached to the dwelling.
• Coverage C - Personal property coverage, or also known as contents coverage.
• Coverage D - Coverage for additional living expenses. This coverage is for temporary housing in the event you are displaced by a covered loss.
• Coverage E - Coverage for liability claims.
• Coverage F - Coverage for medical expenses due to a liability claim.
• Limited Coverage - States special coverage limit terms. For example, a loss of jewelry or guns resulting from theft may have a specific coverage limit.
• Conditions - Explains the insured’s responsibility in the event of a loss.
• Exclusions - Explains the specific items and scenarios not covered by the policy.
• Special Provisions - States additional limits, conditions and exclusions that may apply to a policy. Do not mistake this form for your total policy document.

The Importance of a Home Inventory List

In the unfortunate scenario that you have to file a claim for a loss, having a home inventory list can help you get your life back in order sooner and help the claims process run efficiently. Here are a few tips to create your own home inventory list:

• Write down or type up your list.
• Take videos or pictures of your house, each room and all high value items kept on the premises.
• Keep copies of receipts whenever possible.
• Store the inventory list, videos, photos and other documents in a safe, offsite location such as a safety deposit box. 

Learn More About Your Policy 

Explore the links below to learn about key definitions of common insurance terms, find answers to frequently asked questions or login to your policy online.