Forms, Options, and Endorsments

[insurancequestion]

When I look at a State Farm policy, there is a page that has Forms, Options, and Endorsements and right below it, it shows
HW-2116 Homeowners policy
HO-2609 Cyber/ID Restoration/Fraud Cv
HO-2249 Amendatory Endorsement
Option JF Jewelry and furs
Option ID increase Dwlg up to
Option OL Ordinance/Law 10%

my question is...when it says "option" OL or whatever...does that mean that it is not included in the policy? so the example above...do they not have Ordinance/Law...but the have the option to get it?

Thanks

 

[LostDollar]

What is Ordinance or Law Coverage in my Homeowners Policy?

 

[adjusterjack]

If the form is listed on the declarations page it's part of the policy. That a form says option or optional it generally means that an additional premium was charged for it, though not always.

The insured gets a complete policy with all the forms and endorsements. The agent typically gets the declaration page and any pages that have coverage amounts added to blank spaces. The agent is presumed to have, or have access to, samples of the company forms.

 

[Allen Trent]

When I look at a State Farm policy, there is a page that has Forms, Options, and Endorsements and right below it, it shows
HW-2116 Homeowners policy
HO-2609 Cyber/ID Restoration/Fraud Cv
HO-2249 Amendatory Endorsement
Option JF Jewelry and furs
Option ID increase Dwlg up to
Option OL Ordinance/Law 10%

my question is...when it says "option" OL or whatever...does that mean that it is not included in the policy? so the example above...do they not have Ordinance/Law...but the have the option to get it?

Thanks

In some cases, it isnt adding new coverage or increasing limits of the base coverage, it can actually be an item that reduces or eliminates coverage or could be an item that places a credit/discount on the policy

 

[marindependent]

It is often never going to be perfectly clear what a client has with another agent or insurer. You can either spend half your time deciphering other policies from other agencies or half your time seeing that they do NOT have a 50% [or 100%] BOL endorsement and using this as a sales leverage point.

 

[ehall2]

With State Farm you don't know. They live in their own little bubble. A better name for them would be Snake Farm.

 

[Allen Trent]

With State Farm you don't know. They live in their own little bubble. A better name for them would be Snake Farm.

I am not a customer, employee or agent for State Farm.......but if they were as you say they are, how could they be #1 or #2 in US market share

 

[ehall2]

State Farm is fighting to keep their number one spot. Warren Buffet recently said that in a few years, Progressive or GEICO would overtake State Farm as number one.

 

[Allen Trent]

State Farm is fighting to keep their number one spot. Warren Buffet recently said that in a few years, Progressive or GEICO would overtake State Farm as number one.

sure, but as of just 3 months ago, nearly 17% of America has auto insurance with State Farm.............plus GEICO & Progressive dont manufacture property insurance. My only point is that if they suck so bad, why do so many consumers buy & stay with them? While I dont like them, they are still the gold standard overall.

 

[LostDollar]

I had State Farm Auto Insurance for something over 50 years, excluding time for military service. At an estimate, the same agency for at least 30 years of that and the same agent for at least 20 years of that.