Anyone who purchases insurance coverage should access the essential information about that coverage quickly and conveniently. The declaration page, sometimes referred to as the ‘dec page,’ is that part of your policy that summarizes your coverage and provides other valuable details about the insurance.
While auto and homeowners insurance offer the most common declaration page examples, there are also flood insurance, earthquake insurance, and renters insurance declaration pages. On most policies, the dec page is the first page, making it easy to find an overview of the policy.
You will receive a new or updated declaration page when you initially purchase the insurance and renew it. It will provide the following information:
- The primary coverages you have
- The limits of coverage for each section of the policy
- Premiums charged for the coverages you have chosen
- The individuals or property covered under the policy
Keep in mind that the declaration page is only a summary of your coverage, and you will find the details within the policy.
The typical declaration page contains vital information
The declaration page is an integral part of the insurance policy and is typically comprised of the following:
- Policy number
- Policy type (homeowners, auto, renters, etc.)
- Policy period (beginning and ending dates)
- Insurance company name
- Insurance agency name
- Insured’s name and mailing address
- Additional interests: Persons or organizations whose interests are also covered (banks or credit unions holding mortgages, business or car loans, etc.)
- Physical address and description of the covered property
- Numbers and edition dates of all attached forms and endorsements
- Dollar amounts of policy limits
- Dollar amounts of deductibles
- Total policy premium and summary
- Endorsements, if applicable (amendments or additions to the policy that alter coverage)
Review your policy’s declaration page carefully
Be sure to check the declaration page for errors that may affect your coverage if you make a claim. Some frequent mistakes on insurance declaration pages include:
- A misspelled name or incorrect address
- Incorrect type of coverage (for example, a “named perils” policy instead of “open perils”)
- Incorrect deductibles
- Incorrect coverage amounts
- Missing endorsements or riders
- Missing discounts or incorrect pricing
What does a homeowners declaration page look like?
Here is an example of the coverage portion of a homeowners declaration page. Each insurance provider will have its own unique format:
|Coverages||Limit of Liability||Premium|
|Section I–$1,000 Deductible|
|Coverage A Dwelling||$350,000||$1,150.00|
|Coverage B: Other Structures||$35,000||Included|
|Coverage C: Personal Property||$240,000||Included|
|Coverage D: Loss of Use||$75,000||Included|
|Coverage E: Personal Liability||$500,000||$20.00|
|Coverage F: Medical Payments||$5,000||Included|
|Total Premium before Adjustments||$1,150.00|
|Credits and Adjustments||-$150.00|
|Total Policy Premium||$1,000.00|
As mentioned earlier, a section referred to as “Additional Interests” lists those entities–designated as mortgagee, lienholder, loss payee, or additional insured, etc. —having a financial interest in your insurance policy. For example, anyone with a mortgage will see “Mortgagee” along with the name and address of your mortgage company. Similarly, with auto insurance, the bank or credit union that loaned the money for the vehicle will be listed as “Lienholder.”
For an additional premium, you can purchase other coverages. These endorsements extend or limit the coverage of your policy. Some examples include earthquake coverage, sewer or water backup, jewelry, or other valuables.
Discounts subtracted from the premium
Discounts may be applied if you buy homeowners and car insurance from the same company. Homeowners insurance sometimes allows discounts for protective devices such as fire and burglar alarms, smoke detectors, dead-bolt locks, and fire extinguishers. Some companies also offer discounts, sometimes called longevity discounts, for paying the premium in one lump sum rather than installments.
Do you have more questions about your insurance declaration page?
We can answer them. For over 60 years, the White Cloud Insurance has been delivering competitive insurance options to individuals and families across the country. Your questions will be answered by one of our insurance professionals. Use the convenient contact form, call us at 305-556-1488, or send us a message at email@example.com. You are always the priority at NSI Insurance Group