Homeowners Insurance Declarations Page Explained
The declarations page is a summary of everything included in a homeowners insurance policy, authorized by an insurance company.
Understanding home insurance lingo sometimes seems like a daunting task, but you can always count on Insurance Geek to help you!
Today, we’ll address the most important information regarding the document that comes with your homeowners’ insurance policy – the homeowners’ insurance declarations page, also known as the “dec page.”
We’ll tell you what your declarations page contains and how to read it, as well as what its function is, so stay tuned!
What Is a Homeowners Insurance Declaration Page? The Definitive Answer
Homeowners insurance declaration page lays out the most important home insurance policy information – from your coverage limits, premium, and deductible to covered risks.
It is authorized by your insurance company and represents the terms of your insurance contract.
In other words, this page is a summary of everything included in your homeowners insurance policy. It will outline all the basic conditions that appear on your home policy.
The insurance declaration page is a bit like a table of contents or a rundown of chapters in a book – and a very convenient one.
Contents of a Home Insurance Declarations Page
Here is roughly what your homeowners insurance declaration page will contain.
Of course, there may be exceptions.
For instance, if you purchased separate policies and add-ons, they may not be included in your standard homeowners policy declarations page.
First of all, your homeowners dec page will have your personal information.
You’ll be referred to as “named insured” (of course, “named insured” is not limited to you for certain benefits – your household is included, too).
Your personal details will include stuff like the address of your home, your contact information – phone number, birth date, etc.
What’s important is to make sure that all of your info is correct – especially the address of your property.
A “peril” is anything that could cause damage to your home and personal property.
Then, you can make an insurance claim if a loss occurs due to a covered peril.
An ALL peril policy will protect you against all perils except those that are explicitly excluded on your insurance declaration page, while a NAMED policy only covers those perils that are specifically stated on it.
Some of the most common perils are:
- Water damage
- Vandalism, etc.
So, make sure to always check whether your policy coverage includes a certain peril.
Typically, your standard homeowners policy will not include flood coverage, which can be added for water damages in the form of an endorsement.
Likewise, you may want to purchase additional coverage for your high-value items, and so on.
Now that you know how to check which perils you are insured against, you can read your declaration page by taking a look at your coverage numbers.
It will display policy limits for your insurance coverages, including:
- Dwelling coverage (pays out for the replacement and repair bills in order to restore the previous condition of your property),
- Separate structures (your insurance steps in for those structures that are physically detached from your home, too – such as pools, fences, garages, etc.),
- Personal property coverage (all of your belongings, like clothes, furniture, and appliances that get damaged to a covered peril),
- Loss of use coverage (paid for excessive bills when your home is uninhabitable for a while),
- Personal liability coverage (when you are found liable for an accident),
- Medical payments coverage (defrays cost of medical bills to others in case of an accident you cause).
If you require more info on a certain type of coverage, check out our related articles:
If there are any discounts to your policy, they will be stated, too.
Your insurance company may apply these for different reasons, such as for home/auto insurance bundles or if you already have burglar and fire alarm systems installed on your property.
Your homeowners insurance declaration page will also include insurance rates and the premium you’ll be paying.
The total premium will be shown below your policy number.
If you are interested in learning more about your premium and how to get lower ones, contact a homeowners insurance agent.
We are always there to find the most affordable premiums for our customers!
Also, your declaration page will show the deductible, i.e., the part of the claim that you will have to finance.
Why Is a Declarations Page Important?
If you are still wondering why are we talking so much about the significance of home insurance declaration pages, here are some simple reasons:
It is very useful to have all of the important information on your insurance policy and insurance company stored in one place because, otherwise, it would have been quite a read.
Hence, instead of digging through your policy documents, whenever you need to get an idea of your coverages or something like that, you can check the dec page.
Plus, all of these things are easy to read, and the format is very user-friendly!
When You Need to File a Claim
The declarations page provides you with all the information you'll need on your coverage options to make sure you have the right to file a claim.
For instance, an accident happens - say, a hail storm damages your windows - and you are not 100% sure if you can file a claim.
The only thing you need to do is to check your home insurance declaration page and retrieve the necessary information: whether you are covered against the peril that occurred - in this case, hail.
Alternatively, you can use it to check the contact information of your insurance company, and they will help you.
Proof of Insurance
Another use is that your mortgage company may ask for your homeowners insurance declaration page when you are buying a house. It will serve as proof to the mortgage lender that you own homeowners insurance.
Alternatively, an insurance binder is a temporary document that stands as proof that you bought an insurance policy, and it is issued until you get the policy itself.
Where Can I Find My Insurance Declarations Page?
Different insurance companies distribute the declaration page in different ways, but locating it is an easy task.
For most insurance policies, this will be the first page of your policy documents.
Your insurer may enable you to access all the info by logging in on their website via a special user ID.
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For example, if you get home coverage combined with life insurance or car insurance, you'll save up a lot of money.
We'll contact the insurer for you and discuss your particular situation with you!
Your homeowners insurance declaration page will summarize everything about the insurance coverage of your policy, including how much it will cost you.
At the beginning of your policy term, or better yet, as soon as you purchase it, thoroughly review the doc page to ensure all the information is correct.
And if you need help with any of that, a Geek Insurance agent will be there for you!