Any Discounts You May Be Eligible For
Perhaps you have bundled multiple insurance policies under one insurer. Perhaps you have installed safety features on the property. In this case, you may be eligible for a discount on your premium. Always talk to your insurer about any possible discounts that may apply to your situation, and they may be able to help you find ways to save.
Coverage D: Loss Of Use Additional Living Expense
This coverage, also called loss of use coverage, reimburses you for living expenses if your home is severely damaged or destroyed and you need to live somewhere else until the home is repaired or rebuilt. For example, it typically covers hotel and restaurant costs above your normal living expenses until you can move back home.
Coverages Endorsements Limits And Deductibles
Coverages provide reimbursement in specific situations. A typical homeowners policy should include the following:
- Dwelling coverage – Reimburses you if your home is damaged or destroyed due to an incident such as fire or severe weather.
- Other structures coverage – Reimburses you if a detached structure, such as a garage, shed, or fence, is damaged or destroyed.
- Personal property coverage – Reimburses you if your personal belongings, such as furniture, electronics, clothing, or portable appliances, are stolen or destroyed.
- Loss of use coverage – Reimburses some of your living expenses if you need temporary lodging while your home is being rebuilt or repaired for a covered incident.
- Personal liability coverage – Reimburses your legal expenses and damages owed if youâre held liable for anotherâs property damage or injury.
- Medical payments coverage – Pays medical expenses to treat minor injuries sustained by guests on your property.
Endorsements are optional coverages to customize your policy based on your needs. Common endorsements include water backup coverage, scheduled property coverage for expensive jewelry or electronics, service line coverage, and identity theft protection.
Limits are the maximum amount of money the insurance company will pay for a claim. Your dwelling limit should be set at the cost to rebuild your home.
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Homeowners Insurance Declarations Page Overview
A homeowners insurance declarations page includes high-level details about you, the insured property, and the policy itself.
Named insured: Found at the top of your declaration page, the named insured refers to the policyholder. If there are other people in your household covered under the policy, they may also be listed as an additional insured.
Policy details: The top of your dec page will also include details about the policy itself, including the policy number and the effective dates of the policy.
Home information: Rounding out the top of every dec page is the address of the property being insured. This means your house and any additional property covered under the policy.
Coverage details: Further down the declarations page, youll find information about the types of coverage included in the policy, along with the limits of liability for each. This section may also include information about coverage add-ons and your out-of-pocket deductible when you make a claim.
Insurance premiums: Toward the bottom of your declarations page youll find your home insurance premium amount, or the total cost of your policy, along with any discounts or credits that were applied to the final premium.
For info about what is and isnt covered, read the fine print of your policy
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When Will You Need Your Homeowners Declarations Page
Beyond using the declarations page to confirm the details of your homeowners policy, there are a few other times youâll want to reference this important document.
If you have a mortgage, your lender may routinely ask for proof of homeowners insurance. Your current declarations page can serve as proof. Note that if you donât provide proof of insurance, the mortgage lender may buy a policy on your behalf, passing the cost on to you. These policies are typically more expensive than what you can get yourself and provide less coverage. So be sure to provide your policyâs declarations page as proof of insurance when the lender asks for it.
If you file a claim, youâll want to refer to your homeowners policy declarations page to confirm your coverages, limits, and deductibles. Being aware of your policy details can help you have more confident conversations with the insurance company and its adjusters.
Finally, youâll want to have your current declarations page handy if you shop for a new homeowners insurance policy. This way, you can be sure youâre making an apples-to-apples comparison based on coverages, limits, and deductibles. Experts recommend you shop for homeowners insurance every year or two. Rates can vary dramatically between companies, and shopping helps you be confident youâre getting the best deal.
Deductibles And Dollar Limits
If you have a claim, you must meet a deductible.
A deductible is the amount of a claim that you must pay yourself. For instance, if you have a $1,000 claim and your policy has a $300 deductible, the insurance company will deduct $300 from your claim amount and pay you $700. You might have different deductibles for each type of coverage.
Learn more: What to know about deductibles
Policies pay only up to their dollar limits.
Each type of coverage has a dollar limit. Make sure you have enough coverage to replace your home and property if you have a total loss. If you dont have enough coverage, youll have to pay the difference yourself. Most companies require you to insure your house for at least 80% of its replacement cost. Some companies require you to insure your house for 100% of its replacement cost.
The first page of your policy is the declarations page. It has a summary of your policy, including your coverages, dollar limits, and deductibles.
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What Is A Homeowners Insurance Declaration Page
A homeowners insurance declaration page is a brief one-page summary of your homeowners insurance policy that highlights the types and amount of coverage you have and how much it will cost you. It also includes your contact information, descriptions of the insured property and your premium.
Whenever you purchase homeowners insurance, update your policy or switch insurance carriers, youll receive a new homeowners insurance declaration page.
While the declaration page may seem fairly straightforward, there are essential elements you should know and look for as you review the document. Understanding the details of your homeowners insurance declaration page will help you get the most out of your policy. We dive into what youll find in your declaration page and share a sample homeowners insurance declaration page below.
What Does A Homeowners Insurance Declaration Page Look Like
While declaration pages generally contain the same information, the page in your policy may look different depending on what state you live in or your insurance provider. The order your coverages, deductible, premium and limits are listed in may vary. In some cases, a declaration page may be longer than one page.
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What’s A Homeowners Insurance Declarations Page
If you’re looking for a general overview of your homeowners insurance coverage, your home insurance declarations page is the place to go.
Your homeowners policy declarations page will typically contain the following information:
Policy information:
You’ll find your home insurance policy number, effective date, and expiration date clearly stated. If you purchased your policy through an agent, you can also refer to the document to locate your agent’s information.
Address:
The address of the insured property can be found on your declarations page. You’ll often see a note clarifying the type of dwelling, such as a single-family home, condominium, or mobile home.
Named insured:
You and any co-applicant covered by your home insurance policy will be listed.
Mortgage lender:
If you finance your home, your lender’s information will be included. Remember that since the bank owns part of your home, they’re entitled to compensation in the event of a loss â known as a loss payee.
Types of coverage:
There are many different types of home insurance coverages, including dwelling coverage, personal property coverage, liability coverages, and more. Your homeowners declarations page will list the various coverages that make up your policy.
Coverage limits:
For each coverage, you’ll see a value limit that represents the maximum amount the insurance company will pay in the event of a loss.
How To Check Your Declarations Page
If youre a Kin customer, you can find your declarations page in your online portal. For those of you who havent joined us yet, you can find your declarations page in your policy â its usually the first page of it.
You should review your declarations page when you first receive it and again whenever you change your home insurance. Here are a few things to check for:
- Names are correctly spelled.
- The limits, deductibles, and premiums are what you expect.
- Your discounts have been applied.
- Youâve received the correct coverage.
- Your endorsements are included.
Mistakes on the declarations pages donât necessarily mean you have the wrong coverage, but itâs better to correct them before they become a problem.
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Homeowners Insurance Declarations Page Explained
The declarations page is a summary of everything included in a homeowners insurance policy, authorized by an insurance company.
Understanding home insurance lingo sometimes seems like a daunting task, but you can always count on Insurance Geek to help you!
Today, well address the most important information regarding the document that comes with your homeowners insurance policy the homeowners insurance declarations page, also known as the dec page.
Well tell you what your declarations page contains and how to read it, as well as what its function is, so stay tuned!
The Named Insured And Loss Payee
The named insured is going to be whomever owns the policy this could be an individual or a couple. Your binder must show exactly who owns the insurance policy, so this section is critical.
A loss payee can be an individual or business that gets listed on your insurance policy as having the first right to any claims you might have filed so that they can protect their financial interest.
Your lender would be an example of a loss payee. They would want to make sure that if the home was lost due to a covered loss, they would still get paid out on any remaining mortgage costs.
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Other Types Of Property Insurance
- Renters insurance covers your clothes, furniture, and other personal property if theyre stolen or damaged while youre living in a rented house or apartment. Renters insurance wont pay to fix the house or apartment building. The building owners policy does that. You might not need renters insurance if youre still a dependent. Your parents homeowners policy might cover your property, even if youre not living at home.
- Condominium insurance covers your personal property and the interior of your unit. It also provides liability protection and pays additional living expenses.
- Townhouse insurance can either cover the interior and exterior of your townhouse, or just the interior. The difference depends on whether the homeowners association has a master policy that covers the exterior. If it does, you can buy a policy that covers only the interior. If the associations master policy doesnt cover the exterior, you can buy a policy that covers both the interior and exterior. Townhouse insurance also covers your personal property and provides liability and additional living expenses coverage.
- Mobile home insurance covers the mobile home, your personal property, and additional living expenses. It also provides liability coverage.
- Farm and ranch insurance is for homes outside city limits on land used for farming and raising livestock.
Watch: What to check before renewing your home insurance
Homeowners Insurance Policy Exclusions
An HO-3 policy, also known as special form, covers everything except a few perils mentioned in the policy. Its important to understand that you will not get the same policy everywhere. Availability of coverage is different from one carrier to another, and some carriers even offer different coverage limits within a single policy. In general, an HO-3 policy excludes coverage for loss or damage resulting from these perils:
- Flawed construction, maintenance issues
- Water damage- flood, sewer back-ups
- Ordinance or law- demolition or construction by authorities
- Governmental action
- Neglect- failed to take effective action at the time of loss.
- Intentional loss: something you did on purpose.
- Foundation issues
- Sudden tearing apart of air-conditioning system or automatic fire-automatic system.
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How To Get Your Homeowners Insurance Declaration Page
After you purchase your policy, your insurer will likely send you your dec page within three business days. If you dont have a declaration page, contact your insurance company to see if they can send you a physical or digital copy. You may also be able to access your dec page online through the carriers website or app.
Ready to shop home insurance?
Types Of Homeowners Coverages
Homeowners policies combine several types of coverage into one policy. Most homeowners policies in Texas include these six coverages:
Learn more: Do you have enough home insurance? | Watch: Insuring life’s treasures
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How To Get Your Homeowners Insurance Declarations Page
Your homeowners insurance company will send you a declarations page when you buy your policy. Itâs typically sent by mail, but it may be emailed or accessible through the companyâs website as a pdf file. Note that if you choose to have a âpaperlessâ policy, youâll have an electronic version of your declarations page.
If you misplace your declarations page, contact your insurance company or agent for a new copy. If you have an account on your insurance companyâs website or app, you likely can log in to access an electronic copy.
Whats A Declarations Page
Your insurance policy is a contract between you and your insurance company. And, like most legal documents, its pretty long and complicatedbut it also has a summary, which is known as a .
This page, often referred to as a , is your go-to for important info like how much coverage you have on your property, what types of endorsements were added on , and more.
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Review Premiums And Deductibles
Your declaration page will also list all of your premiums and deductibles. Your premium is the amount you have to pay to keep your policy active and ensure your property is protected. Premiums may be paid in one lump sum or over the course of monthly payments throughout the policy period.
Your homeowners insurance premium is determined by a number of factors including how much coverage is in your policy, your credit score, your deductible amount and the size, build, and age of your home.
Your deductible is the amount youre responsible for paying until your insurance company will pay you for an insured loss. There are two types of homeowners insurance deductibles: percentage and fixed. The fixed deductible is a dollar amount that is specified in your dec page that indicates how much you will pay out of pocket when you file a claim. Percentage deductibles are specific to a named storm, windstorm or hurricane-related claim. These are calculated as a percentage of your homes insured value.
When it comes to the perils your homeowners insurance policy covers, the list is wide-ranging. Some of the common perils covered by a standard homeowners insurance policy include:
What Isnt Included On Your Declarations Page
There are a number of important details that you may not find on the dec page, including:
- Some optional coverages, like identity theft insurance
- Your duties and obligations when filing a claim
Additionally, some homeowners confuse the declarations page with two other important documents:
- Insurance bill. Considering the dec page lists their premium, itâs an easy mistake to make. However, your provider will send you a separate bill.
- Insurance binder. Your binder has much of the same information as the dec page, so it can be used as evidence of insurance. However, a binder is a temporary document. Once the binder expires, it does not prove you have coverage.
As always, if you have questions about your policy or your coverage, talk to your insurance representative.
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