All homeowner policies are "package" policies.
When you purchase Homeowners Insurance, you get a group of coverages packaged into your policy for one overall premium. This includes coverage on your building, your contents (furniture, clothing, etc.) and liability insurance in case you are sued, all within one policy
There is no better way to understand your homeowner policy than to read it! We suggest you pull out your policy and find the parts to your policy that correspond to the following explanations:
A typical policy consists of three things:
- The Declarations Page - that declares who, what and how much you are insuring, along with the date your coverage starts and the premium.
- The Policy Booklet - printed pages that contain the details of coverages and exclusions.
- Endorsements - separate pages, usually with endorsement numbers, that change (or endorse) specific parts of the policy.
Sometimes you are only given the original policy once in the beginning, then on renewal, to cut down expenses, you are just sent the declaration page with the bill. It's a good idea to save the original policies should you ever need to refer to them.
In addition to special coverage for jewelry, silverware and furs, you can purchase specific coverage for such possessions as stamp or coin collections, fine arts, camera equipment, collectibles, watercraft and musical instruments, just to name a few.