When you take out homeowners insurance, the insurer will send you a copy of your policy. At the beginning, you’ll find a declaration page that includes important information about your coverage.
What’s Included in Your Declaration Page?
Your homeowners insurance declaration page provides a summary of your policy. It includes information about you and anyone else the policy covers, the address of the property that’s insured, and your lender (if you have a mortgage). The declaration page lists the types of coverage and limits that you selected, as well as information on your deductible and premiums, any discounts you qualify for, your policy number and the dates when the policy is effective.
The declaration page is intended to provide important information about your homeowners insurance coverage at a glance. It won’t necessarily cover everything. If you have a question, you might need to refer to the relevant section of your policy or contact your insurer to get more information.
What Should You Do When You Receive Your Declaration Page?
Go over the document carefully and check each section for accuracy. Make sure that the property address, the names of the people who are covered, and information on coverage types and amounts is correct.
If anything seems off, contact your insurance company or agent to get clarification or to have an error corrected. If you realize that you’re uninsured or underinsured in an important area, get in touch with your insurer or agent to discuss updating your coverage.
Keep your declaration page in a place where it’s easily accessible. It can be a handy reference if you have a question about whether something is covered or how much your deductible would be if you filed a claim. You can also refer to your policy or contact the insurance company if you need additional information.
Why Should You Send Your Declaration Page to Your Mortgage Lender?
If you have a home loan, your lender will require you to have homeowners insurance. You’ll need to provide the company with a copy of your declaration page to prove that you have coverage. You’ll have to submit a new declaration page each time your insurance policy is renewed.
If you don’t, the lender might purchase a homeowners insurance policy on your behalf and add the premiums to your monthly bill. That coverage will probably be more limited and more expensive than a policy you could purchase on your own. It will also be unnecessary if you already took out a policy. Promptly submitting a copy of your declaration page to your lender can help you avoid a hassle.
