The Homeowner Insurance Declaration Page: What Is It?

| November 21, 2016
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If you have a mortgage, you and your lien holder are fully protected by your homeowners insurance policy against financial loss in the event someone will sue you for an injury he suffered on your premises or if your property is damaged. It’s very important that you study your policy carefully and that’s because it contains a lot of information about conditions and terms that apply to your specific coverage. If you’d like to get quotes from another agency or maybe refinance your property, there’s a good chance you’ll need to provide your declarations page. This page summarizes the insurance info which is usually condensed into a document that’s usually a few pages in length.

References

Even though the declarations page form may differ, the majority of them will start by providing you the dates of coverage and your policy number. Your mailing, but also your name is listed, including information about your insurance agent. The address of your insured property will also be included if it’s not the same as your mailing address.

What’s Covered?

Coverage is usually separated by the majority of homeowners into 6 large categories. These categories include medical payments, liability, loss of use, but also contents, structures and dwelling. Your dwelling is basically the home you live in, while other structures are buildings or basically permanent fixtures that are detached from your property.

The contents category is considered personal property and includes a wide range of item types, such as electronics, artwork, but also clothing, and furnishings. When it comes to the loss of use insurance, it basically covers the expenses you incur due to the fact that you cannot use your property before it’s repaired or rebuilt. While it won’t pay for your mortgage, it is useful for paying your rent should you decide to rent a place to live in during this time. It can also cover extra expenses, too, such as food expenses.

Liability insurance is very useful and it covers you in the event you need to make payments to someone that suffered a loss you’re liable for.

When it comes to the medical payments category, it covers the medical expenses incurred by others after they’ve injured themselves on your premises. For each category, the declarations page needs to also provide you info about the category limits.

Deductible

The deductible refers to the cost you need to make out of pocket for repairs. This means that if the repairs you need to make are equal to or less than your deductible, you need to pay for the repairs yourself. If the repairs cost more than your deductible, then the insurance company will cover the repair costs.

Extra Coverage

Purchasing extra insurance may come in handy sometime and this is especially true when it comes to covering for costly items you may have in your home. For instance, if you have expensive paintings in your home, then in the event they’re damaged, the standard contents coverage won’t cover you properly. Also, your current policy may also have a low limit on furs or jewelry. The supplemental policies may appear on your declarations page.

Premiums and Exclusions

If you want to learn more about the premium amount, then you can find all the info you need about this on the declarations page. However, this is not always true. When shown, the amount of money you have to pay for extra coverage is usually listed separately. Expensive items that cannot be coveredby your current policy need to be shown as exclusions.

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