Here's some more great tips for your insurance:

tip#1 When should you file a claim?

tip#2 What are the main parts of an Insurance Policy?

tip#3 What's the difference between the insurance agent and the company?

Please be advised that the information provided here is
in no way intended to provide any sort of coverage.
Please contact your agent, insurance company or
underwriter for your specific coverage.
This is intended as a general overview.

When should you file a claim?

Many things can cause damage to your property, and there are many ways you can cause damage to another's property and be held responsible for the damage.

tip #2

What are the main parts of an Insurance Policy?

The main parts of an Insurance Policy are as follows:

Declarations
Insuring Agreement
Exclusions
Conditions
Definitions

Property
Liability

Declarations - this is the "summary page" of your policy. This is where a standard policy is customized to each individual insured. Here you will find the dates your policy is in effect and the names of the insured, insurance agent and the company that issued the policy.

Insuring Agreement - the insuring agreement tells you what the insurance company is agreeing to do for you - it is a braod statement subject to all the following Exclusions, Conditions, etc that follow in the policy.

Exclusions - these are the things that ARE NOT COVERED... like exceptions to the insuring agreement.

Conditions - these you must read carefully because your coverage will be contingent on the conditions being met.

Definitions - explains some of the more ambiguous terms there by limiting coverage further.

Property - this is where you find your coverage for your owned tangible assets

Liability - this is where you find coverage if you are sued, even if you are being sued for damage to a tangible item. This is coverage "for other people", where as Property coverage is for damage to your own property.

tip #3

What's the difference between the insurance agent and the company?

Companies have the ultimate responsibility for your policy. They are the ones who will actually back the financial aspects of your policy and who your insurance policy (contract) is with. When you get your policy, the company name should show clearly on your declarations page. In many cases, this is the only contact you will have with your company because your agent will handle most of the details with you. The company is often referred to as your "insurance carrier" because they carry the responsibility to fulfill the terms of your policy in the event of a loss.

Your insurance agent would be the intermediary between you and the company. Unless you purchase direct from the company, the agent is the one who sells you insurance. Their name should be listed on your policy as well under "agent". They are the ones who usually collect your payment, give you your policy and help you file a claim. Because of the highly complex and technical/legal aspects of insurance, often it is necessary to have the help of an agent to decipher your coverages and advise you on the proper coverages to purchase.