Issue link: http://educator.cta.org/i/1476161
Insurance policy Whether you have home insurance, an auto policy, a rent- er's policy, or another type of coverage, you will be issued a document that spells out the coverage. This main policy document is multiple pages. It includes all the details of your policy, including coverages and limits, discounts and endorsements. It also is a resource with definitions of insur- ance terms and explanations of the claims process. If you are bundling coverages, such as with home and auto, you will have a policy document for each. TIP: If you don't need a hard copy of your policy document, check if your insurer offers digital access on their website. Exception: Keep a hard copy of the declarations page. Certificate of Insurance (COI) This document is the summary of your coverage. It's useful to share with lenders who require proof of insurance if you are financing your home or car. TIP: Keep a copy of your COI for as long as the policy is active — it is your proof of insurance. When you renew your policy, you can throw out the old COI. Insurance claims documents Accidents happen, and things get damaged and stolen. You may file a claim with your insurance company when this happens. If your claim is for an auto policy, you will get an accident report. You also may have medical reports and bills. If your claim is for home damage or theft, you will have an inventory of damage. You also will have repair bills, receipts and other paperwork. You will also receive documention if it's a third-party claim — where you caused injury or loss to another person. Guide to Insurance Paperwork I F Y O U ' V E E V E R read a declaration page on an insurance policy, you know there's a lot that goes into the documentation. Do you really need to keep all the paperwork, and for how long? Here's a quick reference guide: 52 cta.org CTA & You cta-ad-1-final-outline.pdf 1 7/18/2022 2:36:49 PM