Have you ever opened your insurance policy and couldn’t find key information fast enough? Many policyholders experience the same problem. Insurance policies are often bulky, with up to 20 or even 30 pages, making it hard to find key details quickly. This is where the declaration page comes in. A homeowners insurance declaration page, also known as a dec page, summarizes your coverage and policy.
The declaration page explains key aspects of your insurance and is usually one of the first pages of your policy. This page is quite easy to access, making it the most convenient way to review parts of your policy. In this article, we explain what you may find on the average homeowners insurance declaration page. Additionally, we will provide a sample declaration page so you know what to look out for.
What Does a Home Insurance Declaration Page Include?
Your declaration page is a summary of your entire policy, so it will contain minimal information. In an average policy, you should find the following included in your homeowners insurance declaration page:
Personal Details
The declaration page will include the “named insured,” which is your name, current address, and mailing address. It will also contain the names of other people your policy currently covers.
Policy Details
It wouldn’t be a homeowners insurance declaration page if it didn’t contain information about your policy. This page should include your policy number, its effective, and expiration date. The effective date is when your policy becomes active, and the expiration date is when it ends.
Coverage Details
You will find most of your coverage details on the declaration page. It will list the types of coverage your policy covers and their various limits. For instance, you may have dwelling coverage, personal property coverage, and loss of use coverage.
The page will also have the limits. Every coverage under your policy will have a specified amount as its limit. For example, your dwelling coverage limit may be $200,000. This means that your insurer will not pay more than $200,000 for any dwelling claim you file.
Furthermore, the declaration page may contain your deductible. A deductible is an amount you agree to pay out of pocket before your insurer reimburses you for the rest of the loss. This amount often depends on the extent of damage and your total coverage limit.
Premiums and Discounts
You will also find your premium amount on the declaration page. For instance, your premium may be $150 monthly. This amount will likely be found at the bottom of your homeowners insurance declaration page. The page will also mention any discounts your insurer includes when calculating your premium. For example, there are many home improvements you can carry out to attract a 5-10% discount on your insurance premium.
What is Excluded From a Homeowners Insurance Declaration Page?
It is impossible for a summary to contain every single information about your insurance policy. Therefore, you may have to do a thorough overview of your policy to find the following:
Coverage Exclusions
While the homeowners insurance declaration page will contain your current coverage, it won’t include the exclusions. For example, many standard homeowners insurance policies exclude floods, earthquakes, and riots. You need to examine the rest of your policy to know what your coverage excludes.
The Insurance Contract
Many don’t realize it, but insurance is an agreement between you and your insurance provider. This contract may have specific requirements, such as asking you to report any damage within 48 hours. If you breach the terms of the contract, your insurer will deny or reject your claim.
Coverage Add-ons
Sometimes, insurance companies have specific add-ons you can purchase in addition to your current coverage. For example, you may purchase water backup insurance. However, these add-ons may not be included in your homeowners insurance declaration page.
Claims Process
You will likely find a breakdown of the claims process in the bulk of your policy, not the declaration page. The insurance claims process differs from insurer to insurer. Therefore, ensure you examine your policy to understand your insurer’s specific requirements for their claims process.
Why Should You Read Your Homeowners Insurance Declaration Page?
It might seem like a trivial piece of paper, but your declaration page contains sensitive information about your policy. You should always review it after getting it, and here is why:
To Confirm the Correctness of Information
Though it is rare, your insurer may make a mistake when creating your policy. Your homeowners insurance declaration page helps you quickly spot mistakes. For example, they may misspell your name or include the wrong premium amount. These mistakes can cause issues for you down the line.
To Adjust Your Premium Rates
You may want to lower or increase your premium. The declaration page provides easy access to this information. It also contains your coverage limits so you can better understand the effects of adjusting your premium rates. For example, a lower premium rate likely means lower coverage limits.
To File a Claim
It is recommended that you always read your insurance policy before filing a claim. However, you may not have the time to wade through several pages of information. You can take a quick look at your declaration page to understand the extent and limit of your coverage. This may help you decide whether to file a claim.
How to Find Your Homeowners Insurance Declaration Page
Ordinarily, your insurer will include the declaration page in your insurance policy packet. You should get a hard copy of your policy a few days after paying your first premium. However, don’t fret if you can’t find this copy. Here are some ways to get your homeowners insurance declaration page:
Contact Your Insurance Company
Call or message your insurance provider to request a virtual or physical copy of your declaration page. They can send a copy to your email if you have signed your policy electronically. You may also ask them to mail a physical copy to you.
Call Your Insurance Agent
If you bought your insurance policy through an agent, you can contact them for a copy of your declaration page. They will likely have a copy of your policy which will also contain the declaration page.
Explore Your Insurer’s Application or Portal
Many insurance companies are moving towards digital solutions through applications and portals. They may have uploaded an electronic copy of your policy there. If they have, your declaration page should be the second or third page.
Is My Homeowners Insurance Declaration Page Proof of Insurance?
Absolutely. You can use your homeowners insurance declaration page as proof of your insurance coverage. This is because it is a part of your insurance policy. If your lender requires proof of insurance, you can submit a copy of your declaration page.
However, you should note that the declaration page differs from your Certificate of Insurance (COI). Your COI is created as proof of insurance. Yes, you can use your declaration page as proof, but that is not its primary purpose.
Conclusion
Your homeowners insurance declaration page has all the key information you need to understand your policy. It explains your coverage and its limits, ensuring you have full knowledge of what your premium is for. Furthermore, you get a front-row seat to how your premium rate was calculated, including any discounts.
This declaration page can serve as proof of insurance and helps you review your policy when pressed for time. Nevertheless, it is best to read and understand your entire policy thoroughly. This helps you avoid missing crucial information that your declaration page excludes, such as add-ons and the claims process.
You can avoid the stress of the insurance claims process by hiring a public adjuster. At On-Site Adjusting, we handle all aspects of your claim on your behalf. We are also committed to maximizing your settlement as much as possible. Reach out to us today for a free case consultation.
