Usually, your policy number is included on your returns page, as are the limits you've selected for primary homeowner coverages, such as home coverage, personal property coverage, liability coverage, and medical protection for guests. Recently, the California Department of Insurance released a press release denouncing an insurance agent for selling fake insurance policies to homeowners, putting them at great risk. 1 This agent, who was arrested and will be prosecuted, violated his fiduciary responsibility by allegedly defrauding customers. for your personal benefit, according to insurance commissioner Dave Jones.
It supposedly charged premiums to homeowners, but it never put them into policies with insurance companies. Apparently, this went on for years. The agent was able to carry out this scam by issuing fraudulent insurance certificates, including counterfeit policy numbers, coverage period and policy limits. Unsuspecting homeowners thought that these certificates served as valid proof that they were insured.
However, an insurance certificate is not sufficient proof that a policy is in effect. Keep in mind that claims are paid by the insurance company and not by the agent. Pay your insurance premium by check. Make checks payable to the insurance company, not the agent or agency.
Get copies of documents related to your insurance transaction. If you believe you have been the victim of a dishonest insurance agent, call the Insurance Department at 800-927-4357.3 Established in 1985, Merlin Law Group is a leading insurance litigation law firm committed to helping policyholders get fair and fair results from their insurance companies. Property insurance law is a highly complex and specialized area of law, and our firm represents policyholders when claims are denied, delayed, or underpaid. Reason for contact Free Case ReviewRequest blog theme Other.
A home insurance statement page is a snapshot of the home insurance policy. It includes vital information about the insurance company and the policy, including the designated insured, the location of the property and the coverage selected. Coverage limits, deductibles, endorsements, policy number, and policy term are also listed on the statements page. If you have a mortgage, the company will go public to show its insurable interest in the property.
Buying homeowners insurance is an important part of your financial plan as a homeowner, and knowing how to read and understand your coverage is an integral step. All insurance products are governed by the terms of the applicable insurance policy, and all related decisions (such as approval of coverage, premiums, fees and charges) and policy obligations are the sole responsibility of the insurer. Established in 1985, Merlin Law Group is a leading insurance litigation law firm committed to helping policyholders get fair and fair results from their insurance companies. Depending on your state, home insurance companies can only cancel an active policy during the term of the policy for a limited number of reasons.
A policy exclusion in your home insurance indicates a loss or situation that isn't specifically covered. Knowing how to read a home insurance policy can help you choose the right coverage and evaluate your policy as your needs change. In general, you can make changes to your policy at any time, including changing providers, even if you have a security deposit on your home insurance. Recently, the California Department of Insurance released a press release denouncing an insurance agent for selling fake insurance policies to homeowners, putting them at great risk.
The returns page is the most important page when trying to understand your home insurance policy. Depending on your state, if your insurance company decides not to renew your policy at the end of the policy term, it must notify you and provide you with an explanation within a specific period of time. If you're not sure which is the best homeowners insurance company for you, consider getting several home insurance quotes to compare options. By reviewing your return page, you can see how you and your home are insured against covered losses.