Homeowners Insurance Declaration Page
A homeowners insurance declaration page should be provided by your insurance company when you purchase homeowners insurance. This document provides a summary of what your homeowners policy covers, including which events or damages are covered and which are not, as well as the process for filing claims. This form, also known as a "dec page," details your insurance rates, premiums, deductibles, and policy limits.
Understanding a Homeowners Insurance Declaration Page
A homeowners insurance declaration page is a summary of your homeowners insurance coverage. If you need information about your policy quickly, you can use this document rather than digging through the policy itself.
Insurance companies give homeowners a copy of their declaration page when they buy a home, purchase coverage, or make changes to an existing policy. This document contains basic personal information about you, such as your name, birthdate, address, and phone number. It also deconstructs the most important aspects of your policy's coverage, such as:
- Date of application
- Type of dwelling
- Coverage limitations
- Deductibles
- Covered and non-covered events
- Annual premiums
- Discounts
- Items specific to underwriting (such as the presence of fire extinguishers or deadbolts)
These are all taken from your policy, but they're all listed on a single page in an easy-to-read format. This document may be mailed to you, emailed to you, or made available for online download after you purchase the policy, depending on your insurance company.
How to Read a Homeowners Insurance Declaration PageÂ
When you own a home, becoming acquainted with this document is critical, especially if you need to file a claim at some point. If you have any questions about your policy, consult your homeowners insurance declaration page.
Before reading through your dec page, double-check that all of your personal information is correct. Make certain that your page has the correct name and property address. Next, examine the coverage types to determine which perils are covered. A typical homeowners insurance policy, for example, includes coverage for fire and theft, but flood insurance or other types of water damage may need to be purchased separately.
Examine your coverage numbers after you've reviewed what's covered. The following coverage amounts may be listed on your homeowners insurance declaration page:
- Primary dwelling
- Separate structures
- Personal propertyÂ
- Loss of use
- Personal liability
- Medical payments to others
Your deductibles for covered events, as well as your premium costs, may be listed on your form. If you qualify for any discounts, such as a bundling discount if you combine homeowners and auto insurance, or a loyalty discount if you've been with the same insurance company for several years, your premiums may be reduced.
A dec page can be a single sheet with the most important information, or it can be several pages long if definitions or explanations of the information are included. For example, your insurance company may define some key terms or coverage amounts in greater detail to help you understand your policy.
Homeowners Insurance Declaration Page and Mortgage Lenders
When purchasing a home, you may be required to provide your lender with a number of documents in order to complete mortgage underwriting. Your lender may request a copy of your homeowners insurance declaration page.
Remember that this page is not the same as an insurance binder, which is essentially a temporary contract proving that you attempted to purchase homeowners insurance as part of the home-buying process. This binder is not a replacement for actual coverage, as evidenced by a homeowners insurance declaration page.
Even if you are not required to provide a dec page when purchasing a home, your lender may request one after the transaction is completed. You may be required to provide an updated copy of your dec page to your lender on an annual basis as proof that you are still insuring the home.
- When filing a homeowners insurance claim, keep accurate records of any conversations you have with your insurance company, as well as any out-of-pocket expenses you pay for damages, temporary housing, or day-to-day living expenses if the home is uninhabitable.
Homeowners Insurance Declaration Page and Claim Filing
If your home is damaged, your homeowners insurance declaration page may tell you whether the event is covered. If it does not specify what is covered, you must contact your insurance company. This step is required to file a claim in any case.
Keep a copy of your dec page on hand as you navigate the claims-filing process. This way, you can confirm what your deductibles should be and what your coverage limits are, so you know how much you may have to pay out of pocket to resolve a claim.