When buying homeowners insurance, your insurance company should provide you with a homeowners insurance declaration page. This document offers a summary of what’s included in your homeowners policy, including which events or damages are covered and which aren’t and the process for filing claims. Also known as a “dec page,” this form specifies your insurance rates, premiums, deductibles, and policy limits. Show
A homeowners insurance declaration page is essentially a snapshot of your homeowners insurance coverage. If you need to get information about your policy quickly, you can refer to this document instead of having to dig through the policy itself. Insurance companies provide homeowners with a copy of their declaration page when their clients are buying a home and purchasing coverage or making changes to an existing policy. This document includes basic personal details, such as your name, birthdate, address, and phone number. It also breaks down the most important parts of your policy’s coverage, including:
These are all things that are drawn from your policy, but they’re listed in an easy-to-read format on a single page. Depending on your insurance company, this document may be mailed to you, emailed to you, or made available for online download after you purchase the policy.
A homeowners insurance declaration page may not include all the details of your policy. For example, add-on coverage for events not covered by the main policy may not be included here. Getting familiar with this document is important when you own a home, especially if you need to file a claim at some point. Your homeowners insurance declaration page can be a helpful reference if you have questions about your policy. When reading through your dec page, first check to make sure that all of your personal information is correct. Specifically, make sure that your page has the right name and property address. Next, look at the coverage types, so you understand which perils are covered. For example, a typical homeowners insurance policy includes coverage for fire or theft, but flood insurance or coverage for other types of water damage may need to be purchased separately. Once you’ve reviewed what’s covered, look at your coverage numbers. Your homeowners insurance declaration page may break down coverage amounts for:
Your form may also list your deductibles for covered events as well as your premium costs. Your premiums may be reduced if you qualify for any discounts, such as a bundling discount if you’re combining homeowners and car insurance or a loyalty discount if you’ve been using the same insurance company for several years. A dec page can be a single sheet with the most relevant information, but it can also be a few pages longer if it includes definitions or explanations of the information included. For example, your insurance company might define some of the key terms or coverage amounts in more detail, so you have a better understanding of your policy.
If you don’t see any discounts listed on your homeowners insurance declaration page, it’s worth a phone call to your insurer to see if there are any for which you qualify. When buying a home, there are numerous documents you may need to give your lender to complete underwriting for a mortgage. A homeowners insurance declaration page is one thing your lender may ask to see. Keep in mind that this page is different from an insurance binder, which is essentially a temporary contract that shows you’ve attempted to purchase homeowners insurance as part of the home-buying process. This binder is not a substitute for actual coverage, which is what a homeowners insurance declaration page shows. Even if you don’t need to provide a dec page when buying a home, your lender may still ask for one after the purchase closes. You may need to give your lender an updated copy of your dec page annually as proof that you’re still insuring the home.
When filing a homeowners insurance claim, be sure to keep accurate records of conversations you have with your insurance company as well as of any expenses you pay out of pocket related to damages, temporary housing, or day-to-day living expenses if the home is uninhabitable. If your home is damaged, your homeowners insurance declaration page may be able to tell you if the event is covered. If it doesn’t specify exactly what’s covered, you’ll need to reach out to your insurance company. This step would be necessary to file a claim anyway. As you navigate the claims-filing process, be sure to keep a copy of your dec page on hand. This way you can verify what your deductibles are supposed to be and what your coverage limits are, so you understand how much you may have to pay out of pocket to resolve a claim.
When reviewing this document, there are a few sections that are especially important. Your coverage, limits and policy information are key areas to understand and amend if you happen to see any discrepancies. Read on for more detail on how to read and understand your dec page, section by section. Review Policy InformationFamiliarize yourself with the details of your homeowners insurance by committing to memory the name of your insurance company. This section will also list the policyholder’s name and the address of the property insured. Be careful to check for any misspellings or mistakes in this section. Fixing any mistakes as soon as you receive your dec page will save you headaches as you file claims later on. Review Coverage And Policy LimitsThis part of your declaration page provides the bulk of the essential information you’ll need for your homeowners insurance. This section will list each coverage included in your policy and the limit of liability for each coverage. The limit of liability is the maximum amount of money that your insurer will pay out in any one claim. This portion will likely be broken up into three sections: property, liability and additional coverage. Section 1: PropertyCoverage A: Dwelling Dwelling coverage is the part of your homeowners insurance that will cover the costs related to the physical structure of your house in the event it’s damaged by a covered peril such as a fire or lightning strike. Your dwelling coverage also includes your roof, built-in systems and appliances, and attached structures like a garage or porch. Coverage B: Other Structures Other structures coverage offers protection for your detached structures such as a shed, detached garage, deck, pool or fence. This coverage protects your property from the same types of perils as your dwelling coverage, including fire and falling objects. Coverage C: Personal Property This coverage will reimburse you for any personal belongings that were stolen or damaged by a covered peril. This coverage includes everything from your clothing and electronics to portable appliances and jewelry. If you own rare and expensive items, you may need to purchase additional coverage or endorsements that increase the reimbursement limits on your high-value belongings Coverage D: Loss Of Use Loss of use coverage, also known as additional living expense coverage, may offer reimbursement for additional living expenses while your home is being repaired or rebuilt. This type of coverage is standard in most homeowners insurance policies and, depending on the coverage, will cover things such as fuel, hotel bills and grocery expenses. Section 2: LiabilityCoverage E: Personal Liability Personal liability coverage protects you from costly lawsuits if you’re held liable for bodily injury or damage to someone’s personal property. This coverage includes 46+ occurrences such as dog bites or a diseased tree falling on your neighbor’s roof. Coverage F: Medical Payments To Others This coverage reimburses you for medical expenses related to a guest’s bodily injuries sustained while on your property, regardless of who was at fault. This is for small medical claims and most homeowners insurance policies offer coverage limits between $1,000 – $5,000. Additional CoverageYour dec page will also list additional or optional coverage you have chosen to include in your home insurance policy. Premiums associated with these additional coverage options can be found in the itemized section of the page. A few examples of additional coverages include:
Review Premiums And DeductiblesYour declaration page will also list all of your premiums and deductibles. Your premium is the amount you have to pay to keep your policy active and ensure your property is protected. Premiums may be paid in one lump sum or over the course of monthly payments throughout the policy period. Your homeowners insurance premium is determined by a number of factors including how much coverage is in your policy, your credit score, your deductible amount and the size, build, and age of your home. Your deductible is the amount you’re responsible for paying until your insurance company will pay you for an insured loss. There are two types of homeowners insurance deductibles: percentage and fixed. The fixed deductible is a dollar amount that is specified in your dec page that indicates how much you will pay out of pocket when you file a claim. Percentage deductibles are specific to a named storm, windstorm or hurricane-related claim. These are calculated as a percentage of your home’s insured value. When it comes to the perils your homeowners insurance policy covers, the list is wide-ranging. Some of the common perils covered by a standard homeowners insurance policy include:
Review Discounts and EndorsementsThe next part of your homeowners insurance policy that’s important to review is the discounts and endorsements section. The discounts are given by your insurer to lower the cost of your premium. It’s important to note that discounts can vary by state and insurer, so be sure to consult with your insurance agent to get an idea of what discount you might receive if you choose to invest in a home upgrade. An endorsement is an optional additional coverage that protects parts of your home that aren’t covered in your standard insurance. Common endorsements include additional coverage for high-value items such as jewelry and art. You can also opt for additional coverage for things like water backup coverage or extended replacement cost. This coverage will ensure your insurer pays for the cost of your home’s rebuild or restoration to your home’s original condition even if the damage is higher than your dwelling coverage limit. |
What is the declaration page of homeowners insurance
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