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What Is an Insurance Declaration Page? – Business Insider

When you purchase a policy, you’ll receive a document called an insurance declaration page. This is a one- to two-page document that briefly outlines your policy information. 
An insurance declaration serves as proof of insurance. If you have a mortgage on your home, your lender will require you to send the declaration page to prove you’re renewing your insurance annually. If you fail to provide a declaration page each year, you may be subject to “force-placed insurance.” Your lender will purchase a homeowners insurance policy on your behalf, which tends to be more expensive than if you were to renew your policy on your own, according to Allstate.
“Whenever you purchase homeowners insurance, update a policy, or switch insurance carriers, you’ll receive a new homeowners insurance declaration page that highlights what’s included in your policy,” says Steve Wilson, senior underwriting manager at Hippo.
With your declaration page, you’ll receive a binder of documents that go into depth about the details of your policy. This can often feel overwhelming, and a declaration page will allow you to review what’s included in your policy at a moment’s notice, says Wilson. 
A standard homeowners insurance declaration page will include basic information like the policy holder’s name, policy number, policy start and end date, and the location of the insured property. The declaration page will also include your coverage type, coverage limits, deductible, premium, and discounts. The contact info of your insurance provider and details of your mortgage, if you have one, will also be displayed.
A declaration page will not include thorough details about your policy. According to Hippo, there are three elements your declaration page may not include. 
A homeowners insurance declaration page gives you a general overview of your policy. It is relatively straightforward and takes almost no time to read. 
One of the first pieces of information you’ll see on your insurance declaration page is the name of the insured. Here, you’ll see the names of the policyholders. “It’s a good idea to double-check this section if you have roommates or live with a long-term partner to ensure they’re listed on the policy,” says Wilson.
You’ll also see your policy number, address of the home insured, start and end date of insurance, and information about your home. 
According to Wilson, a property-specific information that may be listed on the “policy information,” section of your declaration page include: 
Additionally, you’ll see the contact information of your insurance agent as well as your mortgage lender (if applicable). 
A standard homeowners insurance will have four main parts: dwelling, personal property, loss of use, and liability coverage. 
The coverage section will also show your limits for each type of coverage. A coverage limit is the maximum your insurer will pay for your home-related damages covered by your policy.
Your deductible will be listed as a fixed amount or percentage in your policy. A deductible is an amount you’ll have to pay before receiving compensation for your claim. For example, if you have a deductible of $1,000 and you have coverage for $15,000, your total payout would be $14,000. 
Your premium is the total amount you will have to pay to keep your coverage. On your insurance declaration page, you will find your monthly premium, your total premium for the year, and your policy’s upfront payment. Your declaration page may also show the breakdown of how much each coverage costs.
Endorsements
Endorsements or riders are available for additional purchase if you need more coverage or need to modify the coverage in your policy. If you purchase additional endorsements throughout the year, you’ll receive a new declaration page to reflect this new information, according to Wilson. 
You will also see the discounts you qualify for on your declaration page. Here are some of the common homeowners insurance discounts: 
Quick tip: Talk to your insurance agents to see if you qualify for lesser-known discounts or saving programs.
You’ll locate your insurance declaration page at the beginning of your homeowners insurance policy once your policy is issued. You can also call your provider to request a hard copy or access it online through your company’s app. 
Wilson advises taking these steps after receiving your insurance declaration page:
 

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