An insurance policy is essentially a contract between you and your insurance company – it lays out what’s covered, what isn’t, and other details of your agreement.
An insurance policy – also called a contract of adhesion (yeah, like glue) because you agree to stick to the contract terms and conditions – is an agreement between you and your insurer outlining the coverage they’ll provide you, others in the policy, your stuff, and your place.
After you sign up and pay for your policy (yay!), you’ll receive your personalized insurance policy in your mailbox, or, in some cases, your inbox. Open it up, and you’ll see all of the ins and outs of your insurance agreement.
It’s probably a good idea to check out exactly what is covered under your renters or homeowners insurance policy so you’ll understand when you can and cannot use it.
For example: say bad weather causes flooding and you want to file a claim… unfortunately you’ll be out of luck as no policy – homeowners, renters, or condo/coop – covers flooding. Alternatively, say there was a short circuit and your place catches fire destroying your stuff – you can file away as damage due to fire is covered on both policy types.
All coverage deets can be found under the ‘property coverages’ section. And if you’re looking to see the total worth of the stuff you’re covering, you can find that information on your Declarations Page (honest… that’s what it’s called), which is typically found on the first page of your policy. You can also learn more about the breakdown of your premium, as well as your deductible, and the total duration of your coverage.
As with most legal contracts, insurance policies can be a bit difficult to read. If you take a look at your policy, you’ll see that it’s full of confusing exceptions, and Middle English words like ‘pewterware’ and ‘smudging.’ This can make it pretty hard to understand what’s covered under your insurance policy.
Here at Lemonade HQ, we took a swing at making insurance policies easier to understand by creating Policy 2.0, the world’s first open source insurance policy. It’s free of crazy words and page jumps, and is a much shorter read (10 pages!). You’re welcome to check it out, and even give your feedback here.
Just signed up for insurance with @Lemonade_Inc. Not only did I save 40% at the same coverage it also only took me 10 min for the whole process.
@Lemonade_Inc was the simplest and easy insurance I’ve ever purchased, “old” insurance companies need to step into the current century. 👏 👏 👏
I don't do this often, but I just signed up for @Lemonade_Inc renters insurance, and both as a customer and a web designer I have to say, I enjoyed every moment of it!!
Property and casualty insurance provided by Lemonade Insurance Company, 5 Crosby St., 3rd floor, New York, NY 10013. Life Insurance provided by North American Company for Life and Health Insurance®, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193.
Lemonade Insurance Agency, LLC (LIA) is acting as the agent of Lemonade Insurance Company and Lemonade Life Insurance Agency, LLC (LLIA) is acting as the agent of North American Company for Life and Health Insurance®. Both LIA and LLIA receive compensation based on the premiums for the insurance policies each sells. Further information is available upon request.
LLIA is a sub-producer of Bestow Agency, LLC. Life insurance quotes are provided by Bestow Agency, LLC dba Bestow Insurance Services in CA, who is the licensed agent. Term Life insurance policies are issued on North American Company for Life and Health Insurance® policy form LS181 and LS182, or state version including all applicable endorsements and riders. Products or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. Not available in New York. Our application asks about your lifestyle and health; your answers allow us to save you time and avoid offline medical exams.
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