A Guide to Your Homeowners Insurance Declarations Page
Your homeowner’s policy is summarized on a declarations page, commonly known as a “dec” page. It offers crucial details about your insurance, including the policy number, the types of coverage you have, the cost of your premium and deductible, and the start and end dates of the policy. Additionally, it serves as your proof of insurance.
The sum you must pay before your insurance provider begins to cover a claim is known as the deductible. All of the deductibles that are applicable to your insurance are listed in this part of the declarations page.
An “all danger” deductible, which requires a set payment for any claim you submit on any loss as long as the damages aren’t the consequence of an occurrence explicitly excluded from your policy, may be included on the declarations page.
In reality, the insurance provider deducts the deductible from the amount of your claim before making a payment. Therefore, your insurance will only cover $4,000 of the losses if you have a $1,000 deductible and make a claim for a $5,000 covered loss.
Advice: Depending on the type of coverage you have, your deductible could also be expressed as a percentage. The insured value of the home is used to determine percentage deductibles, which are frequently used for specialized coverages like storm insurance.
Your storm insurance, for instance, can have a 5% deductible. If your home is insured for $100,000, any hurricane-related claim on your home would require you to pay a $5,000 deductible.
Your insurance company may lower your rate in a variety of situations. On your declarations page, this area will provide a list of any discounts that were used. In the event that you have many insurance policies with the firm, you could see a bundle discount displayed here, for instance.
Discounts for risk-reducing devices, such a security system or smoke detector, as well as senior and repeat customer discounts, are also listed in this section.
Forms and endorsements, which are additional optional coverages you’ve added to your policy, will have their own area on your declarations page. Each coverage will be listed on the page, along with the premium increase that each one caused.