What Insurance Documents Can I Upload?

Holistiplan's new Property & Casualty offering is now live! But, what documents can you upload? Find out here...

With Holistiplan's new Property & Casualty (P&C) Feature, you can now review P&C documents within Holistiplan for your clients in the same way you can with income tax reviews. To do this, you will need to update your declarations pages from your client's P&C policies to Holistiplan. What are declarations pages and what does Holistiplan need? Let's take a look.

Each policy's declarations pages or policy declarations, will declare what perils that policy cover, the premiums for the policy, and other important information that Holistiplan needs in order to produce the most complete Insurance Review possible for your client. Below are some examples of what a Declarations Page will feature, and what information is included.

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Homeowners Policy:

Basic Information:

• Insurance Carrier/Company - Usually indicated at the top of the policy, sometimes identified only by a logo. Indicate the actual insurance company, not a larger parent company. 
• Policy Period - Beginning and ending dates.
• Total Premium - For all the coverages included in the policy.

Coverages:

Some insurers list the standard coverage types with an A, B, C, D labeling system; some do not. The coverage types usually follow in that same order, regardless of if the alphabetic labels are present or not.

• A) Dwelling - This amount is what the insurance company will cover to repair or rebuild your home’s structure if damaged or destroyed in covered loss (e.g. fire, storm damage).
• B) Other Structures - This amount is what the insurance company will cover to repair or rebuild damage to structures detached from the home (e.g. fence, storage shed, barn).
• C) Personal Property - Think of your home as a container. Take off the roof, pick it up and turn it upside down, and shake it. All the things that fall out are your personal property. This amount is what the insurance company will cover to repair or replace your belongings up to the limit listed. Some insurers cover only property in the home, while others provide coverage for other locations, like a storage unit, etc.
  • Many policies will include an endorsement to add what’s called “Replacement Cost” coverage to personal property, which effectively covers the amount that it would take to replace a covered item. The alternative to "Replacement Cost" coverage is usually referred to as “Actual Cash Value” coverage, which is equal to the cost less depreciation.
• D) Loss of Use - This amount is what the insurance company will cover, usually to a limited dollar amount or specific amount of time (usually 12 to 24 months), for expenses to live somewhere else (e.g. a hotel stay or rent), while your home is repaired due to a loss.
• E) Liability - Often referred to as “Personal Liability,” this amount is what the insurance company will cover if the insured cause injuries to someone or damage to their property when visiting your home (e.g. someone breaks their leg in your backyard and sues you for medical expenses).
• F) Medical Payments - This amount is what the insurance company will cover for medical expenses for guests injured on your property, particularly if you are not legally responsible, in which case the injured party may collect under the liability coverage in Section E above.

Additional/Included Coverages and/or Options:

This is a catch-all section and may be called different things depending on the insurer. These include amendments, or additional coverages beyond the basic features outlined in A-F above. Below are some (but not all) of the common options you may see, and are the ones that are captured on the Holistiplan Insurance Review:

• Ordinance/Law - Provides coverage to bring an older home up to current code (if necessary) during a covered repair/rebuild. This will be expressed as a dollar amount or percentage. 
• Mold and Fungus - Provides coverage for remediation costs for mold and fungus damage in your home, which could be the result of flooding, water damage, etc. 
• Water Seepage - Provides coverage for damage resulting from slow drip leaks that occur gradually and go unnoticed for a period of time.
• Equipment Breakdown - Provides coverage when equipment fails due to artificially generated electrical surges (not shown in example).
• Service Line - Provides coverage for utility service lines, such as the service line connecting the main line (e.g. water) to your home’s access to that utility (not shown in example).
• Water Backup - Provides coverage for water damage resulting from water back-up or sewer failures within your home (not shown in example).
• ID Theft - Provides coverage for damages as a result of ID theft. This coverage is broader than the coverage listed for forgery, cash, or card misuse included in some policies (not shown in example).
• Loss Assessment (HOA and Condo Association) - Provides coverage if your HOA (Home Owners Association) or Condo Association levies an assessment for members to cover damages occurring in one of the association's common areas (not shown in example).
  
  

Deductible(s):

Deductibles are what the insurer is responsible for before the insurance coverage kicks in. Normally this is expressed in a general amount for a certain section of coverage. Some policies will include deductibles for damage caused by specific occurrences,  such as by wind and hail, hurricanes, or earthquakes, to name a few.

Separately Scheduled Items:

Some policies include additional coverage for items to acknowledge that the basic policy has lower limits compared to the value of the item. Most often, you’ll see this for jewelry, though you may see it for artwork or other high value items.

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Anatomy of an Automobile Policy:

Basic Information:

• Insurance Carrier/Company - Listed sometimes as a subsidiary of a larger company. In the example below, the company is “Safeco,” even though the official title and longer name is “Safeco Insurance - A Liberty Mutual Company.”
• Policy Period - Beginning and ending dates.
• Premium - Look for the "total" premium. Some insurance companies break out the total premium into itemized premiums for each article of coverage, but not always.
• Deductibles - These are what the insurer is responsible for before the insurance coverage kicks in. Normally this is expressed in a general amount for collision and comprehensive (sometimes called “other than collision”) coverage, but there can also be specific deductible amounts for uninsured or under-insured drivers, for example.
• Drivers - Often, the drivers covered are listed on the policy. Sometimes ages are included, to let you know if there are any child drivers on the policy. (not shown on example)
• Vehicles - Policies will cover at least one - and often more than one - vehicle. You can add a vehicle by clicking the “+Add Another Vehicle” Button within the auto policy's Document View panel. Enter the model year, make, and model as indicated.

Liability Coverage:

• Bodily Injury/Property Damage: These list the limits of liability coverage when at fault for an accident. The other driver(s) may receive up to these limits from your insurance company if you are sued for bodily injury to the passengers or damage to their vehicle(s) and property. 
  • Bodily injury liability coverage is often broken out into two parts: damage per person and damage per accident (or occurrence). 
  • Property damage liability coverage will be a separate amount. 
  These liability coverages are usually listed as a set of three numbers. This coverage is expressed in units of a thousand and is often written that way (e.g., $250,000/$500,000/$100,000).  Some policies use a single combined limit across all types of policies (e.g. $500,000). Holistiplan can accommodate either. 

Medical Payments / Personal Injury Protection (PIP) Coverage:

• Policies will also often include one or both of “Medical Payments to Others” or “Personal Injury Protection”, both of which allow for medical payments regardless of who is at fault in the accident. However, if you are at fault in an automobile accident, the injured party may also choose to collect under the liability coverage discussed earlier.

Uninsured/Underinsured Motorists Coverage:

• Some policy holders will elect to carry uninsured/underinsured coverage, which protects them in case they are in an accident with someone carrying no insurance, or not enough insurance to cover the injuries and/or damage to property you sustain. 
• This coverage is expressed in units of a thousand and is often written that way (e.g., $250,000/$500,000/$100,000). Some policies use a single combined limit across all types of policies (e.g. $500,000). Holistiplan can accommodate either. 
  

Damage to Insured's Vehicle:

• There are two coverage elements related to damage of the insured's vehicle
  • Collision
  • Comprehensive/Other than Collision

Most of the time, vehicles will have both coverages. But sometimes, it’s possible that a vehicle will have one coverage but not the other. Indicate which coverage a vehicle has by checking the appropriate box associated with that vehicle. 



Additional Features

Policies can also include additional features. Some of the most common features are included below, and if applicable to your client's policy, can be indicated by checking the appropriate box for each.

• Rental car reimbursement
• Roadside assistance
• Adult children on the policy
• Child drivers on the policy

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Umbrella Policy:

Basic Information:

• Insurance Carrier/Company: Listed sometimes as a subsidiary of a larger company. In the example above the company is “Safeco Insurance,” even though they are a Liberty Mutual company.
• Policy Period - Beginning and ending dates.
• Premium - Look for the "total" premium. Some insurance companies break out the total premium into itemized premiums for each article of coverage, but not always.

Coverages:

• Most often, for umbrella policies, you will see the umbrella limit listed as a combined limit, as in the example above, which applies to all underlying (the homeowners, automobile, or other P&C policies) policies. Sometimes, but not often, the limits will be different for the underlying policies.
  

Required Minimum Limits:

• These are the required minimum liability coverage limits for the underlying policies, not to be confused with the actual underlying coverage limits. Not every declarations page lists the required minimum underlying policy limits may instead list the actual underlying policy limits. Holistiplan will pull the actual underlying limits into the Insurance Review when you link the underlying automobile or homeowners policy to the umbrella policy. Below are the minimum required limits of liability for the underlying automobile (in blue) and homeowners (in green) policies.
  
  

• For example, using the umbrella policy example above, if the liability coverage in force within the automobile policy is only $100,000, the umbrella policy will not pay (or cover) any auto liability damages beyond that $100,000. However, if liability coverage in the auto policy is $250,000 or more, an additional $1 million of liability coverage is afforded via the umbrella policy. Similarly if the homeowners policy has at least $300,000 of liability coverage, the umbrella will provide an additional $1 million of liability coverage
  
  

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If you have any questions along the way, please reach out to our Support Team for more assistance!