During the next weeks we will deliever a series on

how to read your insurance policy. There are 6 parts

in most policies that warrant closer review. You may
find that you need more detail on this topic but this
series will serve as a good start.

Insurance policies are a contract between you and the

insurer, and are not written so the average person could
pick one up, read it from front to back, and come away
with a meaningful understanding of what they just read.

We start with: Declarartions Page

Declaration Page - A declaration page includes the
name and address of who is insured, the issuing carrier,
what risks or property are covered, the policy limits,
the coverage effective dates and policy numbers.
Depending on the policy type, The declarations also
list coverage limits for each type of coverage (in other
words, the amount of coverage that has been purchased),
and will list the endorsements that are part of the policy.

Why is your electric bill so high?

Are you shocked by how much you spend each month on electricity? When you open your utility bill, do you blow a fuse? If you feel that you're paying more for energy, you are. Today, according to the Alliance to Save Energy in Washington, D.C., the average American household spends about $1,400 each year on energy bills. But not all the blame should go to the power company.

Preventing Frozen Pipes
Eliminate DraftsTake measures to prevent the flow of cold air into your basement or crawl space. Make sure that basement vents are closed and windows and doors create a tight seal. Repair broken glass in basement windows, and seal cracks in basement and crawl space masonry walls.

Insulate PipesInsulate pipes that are exposed to cold air, especially in your basement or crawl space. Wrap pipes in unheated areas with weatherproof insulation or heat tape.

Protect Your Water MeterIf your water meter is outdoors, make sure that the meter pit lid is not broken or missing. If the lid is loose, tighten it. If an indoor meter is located in an unheated area, it needs to be protected with an insulated box. Mark the box to ensure that your meter reader can locate it easily.

During freezing temperatures leave a thin stream of water running when the temperature remains below zero. Continuous water flow from at least one faucet can keep your pipes and plumbing fixtures from freezing.

Prevent sink pipes from freezing by opening vanity or cabinet doors. This allows warm air to circulate and can keep sink pipes from freezing.

Coinsurance (Property Coverage)
Coinsurance is a penalty imposed on the insured by the insurance carrier for under reporting/declaring/insuring the value of tangible property or business income. The penalty is based on a percentage stated within the policy and the amount under reported.

As an example:
A building actually valued at $1,000,000 has an 80% coinsurance clause but is insured for only $750,000. Since its insured value is less than 80% of its actual value, when it suffers a loss, the insurance payout will be subject to the underreporting penalty. For example: It suffers a $200,000 loss. The insured would recover $750,000 ÷ (.80 × 1,000,000) × 200,000 = $187,500 (less any deductible).
In this example the underreporting penalty would be $12,500.
The most commonly issued coinsurance percentage would be 80% but can be as high as 100%. The latter [100%] would impose the greatest penalty for under reporting. For this reason, it is vital that values of property are accurately reported and updated annually to reflect inflation and other increases in cost.

5 years later, man beats insurer over $40 bill

Court orders Aetna to pay for W.Va. retiree's blood testsThe Associated Pressupdated 11:54 a.m. ET, Wed., Nov. 12, 2008POINT PLEASANT, W.Va. - A $40 medical bill might seem small but a West Virginia man says his five-year battle over paying it was a matter of principle. Sam Juniper says his health benefits weren't supposed to change after he retired in 2000 from M&G Polymers.

But he received a $40 bill in 2002 after the company's new provider, Aetna Insurance, refused to cover the cost of some blood work. He challenged that in Mason County court in 2003 and won every decision all the way to the 4th U.S. Circuit Court of Appeals in Richmond, Va. The appeals court ruled in his favor on Oct. 10.

Lawyer Mark Underwood handled Juniper's case for free and says small bills like this add up over time. Juniper says he is still waiting for his $40 refund check, which he plans to frame and hang on his wall.

CoverageJet is you will find advice, guidance and decision support for the insurance buying public. The objective of this blog to provide a sister forum for our site (coveragejet.net)and to solicit insurance event experiences from our visitors. Of course, we will offer feedback, advice and information on all things insurance. We hope to here from you often. We are in the process of finalizing our research and formaulating an approach that will meet your expectations. Please check back in the next few days.