Home Insurance Declarations Page

Of the many pages that make up an insurance policy, the home insurance declarations page is one that you should keep handy, as it contains your policy coverages and limits. 

Your declarations page contains the information you are most likely to need in the event of a claim. 

While your declarations page is designed to highlight the most commonly needed information for homeowners, it is important to understand each component of a homeowners declarations page. 

What Is the Declarations Page?

Your home insurance policy contains multiple pages, whether you receive it online or in the mail. The policy wording is quite lengthy, and it is filled with industry and legal jargon because it is a legal and binding contract. Nonetheless, the policy language can be complicated for the average homeowner to digest and understand.

In the event of a claim, the policy wording is very important to the insurance company, claims adjuster, contractors and lawyers. The pages of your home insurance policy define the important terms related to a claim and describe their meanings. The documents are designed to clarify the types of situations that are and are not covered at the time of a loss. 

The details of the policy are spelled out clearly, so nothing is left to interpretation. As such, your home insurance policy offers protection for you and the insurance company. 

The declarations page, commonly known as the dec page, is a rundown of the main components of the policy, all on a single page. The declarations page contains information such as the policy type, amount of coverage, property address, property description, contact information, mortgage information and amount of the premium.

What Does the Declarations Page Tell You?

Your homeowners insurance declarations page gives you a breakdown of the principal parts of your policy. Benzinga provides an explanation of the main components for you.

Named Insured or Insureds – The named insured(s) refers to the policyholder and others in the household who are covered under the policy. The primary policyholder will be listed first. 

Policy Information – Your home insurance declarations page will list a policy number and the effective dates of your policy. Some companies will assign a separate billing account number that may also be used for your car insurance or other insurance policies, if you have bundled them together. 

Description of Insured Property – Your property address will appear here. Your declarations page will also have a section that describes your property, including the year it was built, type of construction and fire protection information. 

Coverages and Maximum Limits – The body of your declarations page will list the applicable coverages and maximum limits of your home insurance policy.

This portion of your declarations page will list the coverage amount for the dwelling, other structures and personal property. It will also list an amount for loss of use (also called additional living expense coverage) to give you reimbursement for the added cost of living somewhere else until your home is habitable. 

Under the liability portion of the declarations page, the document will list a limit for personal liability and medical payments for claims where there was bodily injury or damage to another’s property. 

Deductibles – When you applied for your home insurance policy, you selected policy deductibles, and they will be listed on your declarations page. This is the amount you have to pay in the event of a loss before the insurance company will pay. You may have more than 1 deductible, depending on your policy. For example, you may have a $1,000 deductible for all losses and a 1% deductible for a wind loss. 

Premiums – Your premium is the amount you pay for your home insurance. Premiums are due annually, and many companies offer convenient payment plans. If your mortgage payment is escrowed, your mortgage company will pay your premium on your behalf. 

Discounts – Home insurance companies offer a variety of discounts to inspire your loyalty. Your declarations page lists discounts for security, home improvements, longevity, good credit or bundling your policy with other policies. 

Agent and Agency Contact Information – Home insurance policies are commonly sold through insurance agents or insurance agencies. Their contact information is listed on the declarations page because agents handle all questions and requests from policyholders. 

Declarations Pages Are Not All-Inclusive

Every detail of your homeowners insurance policy is covered somewhere in your policy packet or renewal packet. Your declarations page only provides a snapshot of the types of information you will commonly need.

While your declarations policy gives you a glimpse of the main coverages, it does not always include endorsements or additional coverages. For example, you may have additional pages in your packet that describe coverage for water backup, jewelry, fine arts, earthquakes or hurricanes. 

Your annual or renewal insurance packet may also include your car insurance, boat insurance, recreational vehicle insurance or other insurance policies. Each of these policies will have its own declarations pages.

Why Is the Declarations Page Important?

The declarations page gives you a reference for what is and is not covered. It is a useful document you can grab at a moment’s notice to ensure your policy is in force and to learn when it will renew. 

At every renewal, you will receive a new declarations page that has the new effective dates on it. You will also get a new declarations page if you make changes to your coverage mid-term. 

It is important to keep your coverage updated and in force and also make timely premium payments. If you need to file a claim, one of the first things your insurance company will review is whether the claim occurred during the time the policy was in force. If your policy is canceled or non-renewed or was not in force for some other reason on the date of the claim, the insurance company will deny the claim.

If you have a mortgage on your property, your lender will also need to have a copy of your declarations policy. Mortgage companies have an insurable interest in the properties they hold as collateral. If you choose to refinance your mortgage, the new lender will ask for a copy of your declarations page as proof of insurance. 

Your home is generally your most expensive asset. With that in mind, it is essential to review your home insurance declarations page at every renewal to make sure it is correct and ensure you are adequately covered at all times. 

Be sure to store your home insurance policy in a safe place with your other important documents. In the event of a fire, theft or other covered loss, you will want to have it accessible. 

Compare Home Insurance

Your home insurance policy is of vital importance when your home becomes damaged or destroyed. Your policy gives you the peace of mind in knowing that your home will be repaired or replaced, and you can resume living in it at the earliest possible opportunity regardless of the extent of the loss.  

To help you choose the best policy for your family’s needs, Benzinga lists the best home insurance providers for your review. 

You should now be much more familiar with how to read your declarations page. Hopefully, you will never need to file a claim on your homeowners insurance policy. In any case, your homeowners insurance policy should give you a great sense of comfort in knowing that you are well-prepared for an unexpected disaster. 

We invite you to visit the Benzinga website often for information on all types of insurance and financial information. 

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