Deciphering all of the parts of your home insurance policy can be difficult. This article covers the basics in order for you to understand your policy more easily. All home insurance policies follow the same general format: A declarations page, a definitions section and sections for property insurance and liability insurance.
The policy schedule is the part of your insurance policy that provides an overview of the details specific to your contract, including the following:
- Name of the insurance company
- Your name and address
- The period of insurance
- Mortgagee’s name and address – this is the bank or mortgage company that holds your loan
- Cover information such as the different types of cover you have selected along with your excess and the limits for each line of cover
- Premiums – this is how much you will pay each month for cover
- Any special conditions or changes made to the policy
When you receive a copy of your policy, it is important to review all of the information on the policy schedule for accuracy. Retain a copy of your policy schedule in case you have questions concerning your policy. If you change or revise your policy at any time, a new policy schedule will be issued to you reflecting those changes.
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