THURSDAY, MAY 27, 2021
What Are Home Insurance Policy Declarations?
Did you take the time to read through your home insurance policy? If you did, you may have noticed information about the homeowner's declarations listed on the policy.
Generally, policies have a specific page dedicated to declarations. Though this page tends to read like a very formal document, it does not have to be so complex. Generally, it is a summary of the coverage you have. Why does this really matter?
What Is A Declaration Page?
Most of the time, a property owner does not think much about a home insurance declaration page until someone asks for it. This person or entity might be a lender, for example.
Your policy declaration page helps to show the interested party that you have insurance coverage on the home. That is important.
As a summary document, your declaration may or may not include all the information you need. So, let’s look at what’s commonly on that page.
What’s On Your Declaration Page?
The home insurance declaration page provides several details on coverage. Here are some of the key points you need to understand before agreeing to the coverage.
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It lists the type of insurance you have. This includes dwelling protection, structure coverage for sheds, garages or other buildings and personal property insurance. It also lists personal liability insurance, loss of use coverage and guest medical payment coverage – all based on what you have.
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It lists the name of those parties insured through the policy. You and others insured on the policy need to be mentioned. It will also list who your insurance agent is. Most often, it also includes your lender information (as the lender tends to be the title holder).
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It lists the amount of coverage you have for each of these areas of protection. This is the upper limit or the amount the company pays out if a claim occurs at the highest level.
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It includes any deductibles on coverage. It also includes any other costs you maintain responsibility for under the policy.
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It lists the specific dates of coverage. These are the start and end date of your policy.
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It describes your property. Description measures include the size, features and mailing address.
Declaration pages vary, so some might not contain all the information above. Also, you may not have all the information about your home insurance policy included here. For example, a page doesn’t usually list any extra policy endorsements you have, such as identity theft coverage, and it may not list all exclusions either.
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