1114 Main Street
Buhl, Idaho 83316
(208) 543-6464
(208) 734-9210

Hours of Operation
M-F 8:00 to 5:30


Understanding your Insurance Policy

Youíve heard how important it is to be familiar with your insurance policies, however, we understand that this isnít always as easy as it sounds. Following are some frequently used terms and their definitions.

Deductible: the specified dollar amount that is deducted from the amount of loss payable for a claim made on the policy. For example: if an auto insured on a policy with a $100 deductible sustains $400 worth of damage, the policyholder pays the first $100 and the insurance company pays the $300 balance.

Endorsement: an amendment to an insurance policy that provides coverage for special circumstances not included in the basic contract, usually for an additional premium. An endorsement generally printed on a separate page or pages and attached to the main policy document. 

Floater: an endorsement to a homeowners policy that provides coverage of personal property (not real estate) beyond the limits or terms of the basic policy. Used especially when the policyholder has personal property of unusual value.

Exclusions: provisions of an insurance policy that specify what will not be paid for by the company.

Limits: the largest total amount the insurance company will pay for covered losses. Many policies have multiple limits-a certain amount per accident, and sometimes, an aggregate limit for all losses paid during the policy term.

Declaration (declarations page): normally, the first page of a policy contract. It includes the insuredís name, how much insurance is being provided, and how long the coverage is in effect.

Schedule/scheduled property: a separate listing of specific items of property covered by endorsement to an insurance policy stating the exact dollar value of each.

Liability insurance: covers a person or company against losses, for which they are held legally responsible to another party or parties. It may also provide for expenses that the insurance company incurs to defend the policyholder in court.

Umbrella policy: a type of liability insurance that provides coverage for large losses that are in excess of the limits of standard liability policies.

Feel free to give us a call or stop by anytime. We are always  here to offer detailed explanations of your policies and to answer any questions you may have.