If you have homeowners insurance, you may have heard of a declarations page, otherwise coined a 'dec' page. You may have provided it as proof of home insurance at some point. Even so, you may not be sure what it is and why it is useful. Here is what you should know about your homeowners' insurance declarations page.
A home insurance declarations page is a summary of your insurance policy. It lists important information about your policy, such as coverage amounts, the deductible covered, and more. Your insurance company provides it with all the most pertinent information regarding your home insurance. Understanding the details of your home insurance declarations page will help you get the most out of your policy. Below is a breakdown of a typical declarations page:
The declarations page lists the named insured (such as you and anyone else in your household insured under the policy), your homeowners' insurance agent, and your mortgage lender. Essentially, it outlines who is involved in the policy and their contact information.
Your declarations page will note the effective date (when your policy begins) and the expiration date (when the policy ends). Your mortgage lender will want to ensure you have coverage before moving into the property. You should also note the expiration date so that you can talk to your insurer before coverage expires. Your agent will be able to help you find suitable coverage without lapsing.
Your policy number will be included on the declarations page and the coverage and limits you have selected, including dwelling coverage, personal property coverage, and liability coverage.
The premium is the amount you pay annually or monthly in exchange for your insurance policy, and this will be the final total, inclusive of discounts.
Perhaps you have bundled multiple insurance policies under one insurer. Perhaps you have installed safety features on the property. In this case, you may be eligible for a discount on your premium. Always talk to your insurer about any possible discounts that may apply to your situation, and they may be able to help you find ways to save.
You will also see your deductible listed, the amount you agree to pay before your insurance steps in to help pay the repair bills after a covered incident. Your deductible should be an affordable out-of-pocket cost that you can easily pay in the event of a disaster.
An endorsement allows your insurer to change a standard home policy. In many cases, it is where homeowners add on coverage to protect their property, such as a rider for high-value belongings, a sewer backup endorsement, or a home business endorsement.
In the event of a disaster, you will need to contact your insurer quickly to get the claims filing process underway. Your declarations page will list the insurance agent's contact information for easy access. However, it is worth noting this important information on your phone so that you do not have to dig through paperwork after an incident. When will I need my home insurance declaration page? If you have a mortgage, your lender will typically want to see the declarations page every year to ensure you are maintaining adequate coverage. For peace of mind, be sure to protect your house with reliable coverage.
Ready to get started on your tailored coverage? For help securing homeowners insurance for your property, visit the team at Tompkins Insurance Agencies.
We look forward to helping you find the right solution for your needs.
Tompkins Insurance Agencies has been helping families and businesses with insurance strategies and solutions to protect their assets and manage their risks.
