Every year insurance companies spend hundreds of thousands of dollars sending out those home and auto insurance renewal packages that are called policy declaration sets, or “dec sets” for short.
One may think, "Why bother sending them! Almost no one reads them!" And it's true... even if you try to read the documents, they are filled with language and terms you may not understand. Or worse, it seems that they will give you coverage for something in one place and then take it away in another.
Let’s face it, all you’re really looking for is how much more, or less is it from last year!
There is an important reason to at least try to read all your insurance policies.
These “dec sets” spell out the amount of coverage your policy provides you with and they are the official method that your insurance carrier informs you of any changes that they have made to your policy since last year.
One very important section of the “dec set” that all homeowners should make themselves aware of is the amount of coverage they have for “sewer back up” or water damage.
Coverage for flooded basements and other types of water damage are quickly becoming one of the most expensive claims items for your insurance company. Many companies are changing the amount of coverage they provide for these types of losses and if you do not read your “dec set” carefully, yours may have changed with little notice.
Imagine waking up to a flooded basement that will cost $50,000 to clean and repair only to find out you have $10,000 in coverage! Telling your insurance company that you didn’t realize it was so low will not help. They will say, “it is clearly spelled out in the policy declaration you received at your last renewal.”
Take the time today to review your policies, and if you don’t understand it make sure you call to find out how much coverage you have.
Need further help? Would you like to receive your documents via email? We're here for you! We will review your policy with you to make sure you understand it and have it set up to meet your needs. We'd be pleased to hear from you, please call us at 519-736-8228.