If you have homeowners insurance, then you may have heard of a declarations page, otherwise coined a ‘dec’ page. It is possible you 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.
What is a homeowners insurance declaration 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, who is covered, and more. It is provided by your insurance company and it contains all the most pertinent information regarding your home insurance. Understanding the details of your home insurance declarations page will help you to get the most out of your policy.
Below is a breakdown of a typical declarations page:
- Who is insured – the “named insured”and at what address.
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.
- When the policy starts and stops – (“effective”and “expiration”dates)
Your declarations page will clearly 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 you move into the property. You should also make a note of 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.
- What is being covered and for how much
Your policy number will be included on the declarations page, as well as the coverage and limits you have selected, including dwelling coverage, personal property coverage, and liability coverage.
- Your premium
The premium is the amount that you pay either annually or monthly in exchange for your insurance policy. This will be the final total, inclusive of discounts.
- Any discounts you may be eligible for
Perhaps you have bundled multiple insurance policies under one insurer. Perhaps you have installed safety features in 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. He or she may be able to help you find ways to save.
- Your deductible
You will also see your deductible listed, which is 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.
- How to contact your insurer
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 making a note of 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 for helping you find the right solution for your needs.