What do insurance declaration pages include?
Your insurer provides an insurance declaration page when you sign up for coverage, renew coverage, or modify your existing policy. Insurance declaration pages are part of many kinds of insurance policies, including home insurance and car insurance.
You’ll usually receive a declaration page via email, fax, or mail. It will be at the start of your policy contract. You may also be able to access it online in your insurer’s mobile app and may receive a copy when your insurance renews or is changed.
The declaration page, or dec page, summarizes all the key components of your policy, including the following items.
Insurance company, insurance agent, and policy period
The dec page should include the name and address of your insurer, the policy number, your policy’s effective date, and how long your coverage lasts. It may also include the contact details of your insurance agent.
It’s helpful to have this information so you know what insurer or agent to contact if you have any questions or claims. It’ll also help you understand exactly when your coverage begins and when your coverage renews.
Names of the insured
Your insurance declaration page should also specify who is insured. This will include you, the named insured, as well as a lender that has a loan on your home. The lender is included because your home is collateral for the loan. As such, your lender is also protected by your insurance.
If you don’t have the required minimum home insurance coverage in place, your lender can take action, such as putting expensive forced-place insurance on the property.[3]
Your coverages
This is the most important section of the declaration page. It explains your covered losses and your policy limits. For example, with a homeowners insurance policy, you would typically be covered for:
All the coverages should be listed on the insurance declaration page, along with the associated coverage limits. For example, if you have $400,000 in dwelling coverage, that means your insurer will pay up to $400,000 to repair or rebuild your property after a covered loss.
Look carefully at the coverage section, as this list tells you what protections you have and how much the insurer would pay if something went wrong.
Good to Know
Your declaration page may also list endorsements or options. This could include special add-on coverages, such as protection against loss of jewelry or expensive art, that you’ve chosen to purchase in addition to your standard coverage.
Your deductible
The insurance declaration page should also specify the amount of your deductible. This is what you’ll pay when making a claim. After you meet this deductible, your insurer will pay for the remainder of the covered losses up to your policy limits.
For example, if you suffer $10,000 in personal property damage and you have a $1,000 deductible and a $100,000 policy limit, you’d pay $1,000 and the insurer would pay $9,000 to cover the loss.
Be sure your deductible is affordable but not too low. The lower your deductible, the higher your premiums will be.
Your total premium
This is the amount you pay for your homeowners insurance. You should make sure it’s an affordable amount and take note of the payments due so you can plan accordingly when budgeting.
Some declaration pages also list discounts you’re claiming, so be sure to read these carefully to confirm you’re taking advantage of all possible savings opportunities. For example, if you bundle a home insurance policy and a car insurance policy, the dec page should show a bundling discount. Be sure to ask your insurer what discounts you may qualify for. You may be able to attain a discount you were previously unaware of.
