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Homeowners Declaration Page: What You Need To Know

By July 4, 2021September 29th, 2021Home

The homeowners insurance declarations page of your policy, sometimes called the “dec page,” is a one-page summary listing the coverage provided along with rates and other essential information.

 

An insurance declarations page is a handy reference when someone has general policy questions. It is often presented as proof of insurance to a mortgage company, for instance, to let them know your property has adequate financial protection.

 

If you are shopping for homeowners insurance, your current home insurance declaration page will make it easier to compare coverage and rates with other companies. Your homeowners declaration page is typically the first page of your policy, so you should have no trouble finding it when you need it.

 

Here is what you will find:

 

Basic information

At the top of the insurance declaration page, you will see your policy number and all the pertinent information on the name insured–you and your spouse–and the insurance agency handling your account. (Keep in mind that unmarried partners or people who aren’t blood relatives will likely be listed separately.)

The “policy period” informs you of the date your coverage begins and when it ends. There could also be a “Total Policy Premium Summary” listing the premium before and after any adjustments.

 

Covered Residence Premises

This section will list the particulars of the property being covered to include:

  • Type of program
  • Primary source of heat
  • Roof year
  • Construction type
  • Roof material
  • Year home was built
  • Number of families living there

 

Premiums, coverage limits, and deductibles

In this section, the premium–the amount you will pay to keep your insurance in force–is shown in detail. Several factors determine your premium:

  • Your credit score
  • Location, age, and construction type of the home
  • Proximity to fire stations
  • Your claims history
  • Amount of coverage
  • The deductibles you have chosen

 

 

Here is an example of typical homeowners coverages on the insurance declaration page. Each insurer will have a slightly different format:

Coverages Limit of Liability Premium
Section I–$500 Deductible
Coverage A Dwelling $270,000 $900.00
Coverage B: Other Structures $27,000 Included
Coverage C: Personal Property $190,000 Included
Coverage D: Loss of Use $55,000 Included
Section II
Coverage E: Personal Liability $500,000 $20.00
Coverage F: Medical Payments $5,000 Included
Total Premium before Adjustments $920.00
Credits and Adjustments -$150.00
Total Policy Premium    

$770.00

Your policy deductible is the amount you pay out-of-pocket during a homeowners insurance claim. After you pay the deductible ($500 in the example above), the insurance company covers the balance of the loss. Deductibles are usually shown as a fixed amount, but they could be a percentage of the home’s insured value.

 

Additional Interests

A section labeled “Additional Interests” refers to people, companies, and other entities (mortgagee, lienholder, loss payee, and additional insured) who have a specific interest in your insurance policy. For example, suppose you have a mortgage and a home equity loan. In that case, you will see two separate listings: one for “Mortgagee” along with the name and address of your mortgage company and another for “Second Mortgagee” with similar information.

 

Policy Forms and Endorsements

For an additional fee, you might be able to purchase other coverages. These optional coverages and endorsements may be used to extend or limit your policy. Some examples include earthquake coverage for the masonry veneer, sewer or water backup, jewelry, or other valuables.

 

Any discounts that were applied to the premiums

The discounts portion of the insurance declaration page will list any discounts that were applied. Some frequent discounts include:

  • Bundling discount if you buy auto insurance from the same company as your homeowners.
  • Home protection discounts for items such as a security system, fire alarm, or smoke detectors.
  • Customer longevity discount.

 

Do you still have questions about your homeowners declaration page?

We can answer them. For over 60 years, White Cloud Insurance has been delivering the most competitive homeowners insurance options to individuals and families across the country. Your questions will be answered by one of our insurance experts. Use the convenient contact form, call us at 305-556-1488, or send us a message at hello@accelinsurance.com. At White Cloud Insurance, you are always the priority.