Here are a few key terms to look for when reviewing your homeowners policy, as well as some pointers on where to find the most important information.

Declarations

“The good news is that, despite the fact that policies can be dozens of pages long... the most important terminology and coverage amounts are located at the beginning on the declarations page,” says Landy Liu, general manager of insurance products at Better, an online mortgage provider.

The declarations page is personalized for your home and includes information such as the property address, coverage amounts, premium, and any discounts that have been applied.

Steve Wilson, senior underwriting manager at Hippo Insurance, recommends carefully reviewing the declarations to ensure that everything appears to be correct. If it doesn't, get in touch with your agent or carrier.

Deductible

Another important detail to look for on the declarations page is deductibles. In the event of a claim, this is the amount you must pay.

Assume a thunderstorm knocks a tree down on your house, causing $10,000 in damage. If you have a $1,000 deductible, the insurance company will pay $9,000 toward the cost of repairs.

Depending on the type of claim, your declarations page may include more than one deductible, according to Angi Orbann, vice president of property and personal insurance at Travelers. If you live near the coast, for example, you may have a higher hurricane deductible than you do for other claims.

According to Joseph Sanzo, a property and casualty specialist at Barnum Benefit Advisors, hurricane or windstorm deductibles are frequently a percentage of your dwelling coverage rather than a flat amount. For example, if your home is insured for $250,000 and you have a 3% hurricane deductible, you would be responsible for the first $7,500 in damage following a hurricane.

Exclusions

Your declarations page will explain how much coverage you have, but it will not usually explain what isn't covered. Look for sections of your policy with headings like "exclusions" or "losses not insured" for that information.

You'll almost certainly find a long list of scenarios that your insurance company will not cover, including major disasters like floods and earthquakes. Orbann says that if your home is at risk from these disasters, you can often purchase additional coverage.

“Be proactive and communicate with your insurance carrier,” Wilson advises. “Does this area have a high risk of flooding?” Is there anything else I should look into?” An agent can help you identify potential coverage gaps and fill them.

Endorsements

An endorsement, which changes or adds coverage to your policy, is a common way to address such gaps.

For example, most standard homeowners insurance policies provide little to no coverage for damage caused by clogged drains or sump pumps, but Wilson says you can probably add this coverage through an endorsement.

Endorsements are typically listed separately from the policy's main text, often at the end.

Special limits

If you have valuable personal belongings, such as a pricey engagement ring or an extensive art collection, your standard homeowners policy may not fully cover them. According to Orbann, insurance companies frequently list "special limits," or sublimits, for specific types of personal property.

For example, jewelry theft may only be covered up to $1,000. Cash, silverware, furs, guns, and items used for business are frequently subject to special restrictions.

If the value of your belongings exceeds the policy's sublimits, contact your agent or carrier to discuss adding additional coverage. It is possible that an appraisal will be required.

Conditions

The "conditions" sections of your policy are important to read because they explain how to obtain the coverage you are entitled to. Wilson suggests reading these sections of your policy so you know what you need to do when filing a claim. If you do not meet the requirements, your claim may be denied.

Among other requirements for filing a claim, your policy may state that you must:

• After a disaster, protect your property from further damage.
• If your belongings are stolen, call the police.
• Make a list of any items that have been damaged or stolen.

Other important information, such as the reasons the company may cancel your policy, is frequently included in the conditions section.

Still have questions about your homeowners insurance? An agent can assist you. “Speak with a professional, someone who is looking out for your best interests, to walk you through the specifics of your situation,” Liu advises.