You might have insurance on your home already, but perhaps you’re not quite sure what is covered. Well, that’s what your insurance declaration page is for.
Yes, it’s that icky piece of paper you paid no mind to when you first signed up to your policy. But as it turns out, it’s a pretty important document. Here’s why.
A homeowners insurance declarations page is essentially a summary of your policy. It contains all the quick and important details regarding your insurance. This page is also useful when comparing insurance companies and prices.
Some of these details include:
- Policy number
- Time period your policy covers
- Your name and address
- Your insured home’s address
- Name of mortgage provider
- Policy limits and coverage types
- Policy deductible amount
- Discounts you received
- Premium amount
Where to find it
You can usually find your homeowners insurance declaration page in the policy packet that you received from your insurer. You may also find it online by logging into your account if your insurer offers an online portal. Typically, you’ll need your policy number to log in. You can also request a copy of the declarations page by calling your insurer or mortgage provider.
Once you find your declarations page, make sure the information is correct. Double check the mailing address and the insured home’s address. These locations are not the same if you are insuring a property you do not live in.
You can also review your coverage limits and annual premium on the insurance declaration page. Depending on your policy type, you can find the limits on the coverages from A-D. These include:
- Dwelling (Coverage A)
- Other structures (Coverage B)
- Personal property (Coverage C)
- Loss of use (Coverage D)
- Personal liability (Coverage E)
- Medical payments (Coverage F)
You can find in-depth descriptions of these coverages here.
This is the amount that you are required to pay before your insurer pays for damage caused by a covered peril. Ensure that you are comfortable with this amount.
High deductibles may lead to lower premiums, but this is only a good idea if you can afford the higher deductible.