What is a homeowners insurance declaration page?

 

Buying a home can be an incredibly rewarding process. While there are often several components in place as part of the process, one crucial area for new homeowners to pay attention to is homeowners insurance.

When you buy homeowners insurance, you can select a variety of coverages and coverage limits to ensure peace of mind while you enjoy your new home. The homeowners insurance declaration page is a single page that summarizes all the essential components of your policy.

Typically, the insurance company sent you a page during the initial purchase of your policy and each time changes were made to what you've already selected.

Why do you need a declaration page?

The declaration page is a proof of home insurance that mortgage companies typically request annually. The information on this page may be helpful in understanding the basic coverages and limits of your policy if you are considering whether or not to file a claim. You (or your claims adjuster) will need to review the policy to make final coverage decisions, as that page is a summary.

How do you get a home insurance declaration page?

Obtaining a copy of the homeowners insurance declaration page is simple. If you printed your policy, look at the first page; that's where all the statements usually are. Similarly, if you have an electronic copy of your homeowners insurance policy, you can usually find it on the first page.

You can also download a copy from your insurer's mobile app, if available, or request a copy from your insurance provider.

What is included in a home insurance statement?

The name of the insured: this refers to the policy holder. This part of the declaration page may also refer to other people covered by your policy as “additional insured” (usually a spouse or additional owner of the insured home) or “second insured” (roommates and partners, for example). Their names and ages are also usually listed here.Policy Number and Effective Dates: The declaration page will typically include your policy number for easy reference, as well as the dates your coverage will begin and end.Home Information: Key facts about the home are usually found in this section. They include specifications for the year the home and roof were built, a list of security systems, and information from your mortgage lender.Coverage Types – Your declaration page will include the types of coverage within the policy. This can include the dwelling (the physical part of your house), other structures such as fences, personal belongings, among other things.Coverage limits and deductibles: The amount you must pay out-of-pocket until the insurer covers the claim is called the deductible. You'll find that amount on the declaration page, as well as your coverage limits – how much the insurance will pay up to.Discounts, endorsements and add-ons: Your declaration page can also include any discounts and special add-ons not available on the original policy. Every time you add or remove them, you will receive a new declaration page. Discounts are usually included if you have combined home insurance with other insurance, such as car insurance, for example, but there may also be discounts for loyalty, among others.Premium – The amount you pay for insurance coverage is usually listed on the declaration page. The price of home insurance varies depending on your location, coverage, discounts, the age and condition of your home, among other factors. Learn more about how much homeowners insurance costs.

What is not included in a home insurance statement?

Policies and coverages you don't have: Depending on where you live, you may be able to buy other special coverages, such as earthquake coverage or flood coverage. If you don't have them, you won't find them on the declaration page.Information about your policy – ​​While the declaration page is a quick way to understand what's in your policy, it typically doesn't include policy details like special exclusions or endorsements. To obtain all the information, you can consult the complete documents of your policy.

What does a home insurance declaration page look like?

Although the declaration pages generally contain the same information, the policy page may look different depending on the state you live in or your insurance provider. The order in which coverages, deductibles, premiums, and limits are listed may vary. In some cases, a declaration page may have more than one page.

The statement is an important part of your home insurance

Whether you've recently purchased a new home or have been living in your home for a while, homeowners insurance is extremely important. Not only is this a typical requirement for mortgage companies, but it can also give you the assurance that your home is covered during life's unexpected moments. Renters have their own insurance and also a similar declaration page. While you may be tempted to quickly dismiss a communication from your insurer's statement page, it's a good idea to read it carefully each year for necessary updates. Why? since your premium and coverage depend on accurate information.