Time To Review Your Policy

Fires.  Floods.  Tornadoes.

Have you ever carefully read the insurance policy you paid for to protect your business or your home?  Do you know the limits of coverage, the conditions of payment, or the exclusions that may apply?

National news coverage of the devastation in Oklahoma and Texas and local coverage of recent catastrophic fires and flooding reminds us that many times homeowners and business owners believe they have coverage when, in fact, their insurance company may have a different view.  Now is the time to re-read your policy with your insurance agent or your attorney to make sure you have the coverage you need.  In Indiana, the general rule is that an insured has a duty to learn the contents of his or her insurance policy himself, even though it may become necessary to have some third person read the contents to him.  Penwell v. Western and Southern Life Insurance Co. (1985), Ind. App., 474 N.E.2d 1042, 1044 (quoting Ohio Casualty Insurance Co. v. Rynearson (7th Cir.1974), 507 F.2d 573, 581).

Now is a very good time to review your policy.  For more information on this critically important subject, contact us.