Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Located near the front of the policy, the declaration page lists the information that personalizes the coverage found in the following pages. It also lists all the forms that comprise the policy. This is sort of a “table of contents.” Your mortgage company will want a copy of this page of your policy. You should review it carefully as it contains a great deal of very important information
When you look at the declaration page you can identify the name of the insurance company. Agents often represent multiple companies and this tells you exactly which company is insuring your home. Here you will find the policy number which represents the individual nature of the contract.
The declaration page will describe the type of policy. There are several different forms of homeowner’s policies and this will tell you which form is being used.
The declaration page will identify who is being insured. This is very important, particularly when there is a liability claim. The named insured should read like the deed to the property. The property should be clearly identified. There may be more than one “insured” and their relationship is often included in the declaration. This is where the mortgage company will be identified and the address of the company will be included, along with the loan number. Additional mortgagees can also be listed here with the same information.
The name and address of the agent handling the policy also appears in the same general area. This is where you can go for service on the policy.
The declarations make very important statements setting the coverage limits. While they are often identified by letters (A-M) there will be definitions in the subsequent pages. This shows the limit of each of the coverages in the policy. It usually shows the limit of liability. It usually shows the deductible applied to property claims, and states the annual premium for the policy.
There is a lengthy list of forms that comprise the bulk of the policy. These attached pages detail exactly the nature and extent of the coverages, and the limits and exclusions that apply. As a homeowner you should look down this list and ask the agent to explain any coverage that you don’t understand. This can trigger conversations about additional available coverages that might be appropriate for you and which you should have. This is a very important section and one that you don’t want to overlook.
After this is usually a general description of the property itself. It will identify the fire district, location of the nearest fire hydrant, proximity to a fire station and the protection class used to develop the premium. It will probably comment on the roof and indicate if there is any special rating applied. The company has relied on this information much of which you’re provided and it should be correct.
It is quite likely that your state has laws that require certain notifications to be on the declaration page, perhaps warning you that the policy does not cover flood, earthquake or building code upgrade coverage.
Finally the declaration page will identify the company, its address, telephone number and state who is paying the premium and the address where communications are being sent.
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When you look at the declaration page you can identify the name of the insurance company. Agents often represent multiple companies and this tells you exactly which company is insuring your home. Here you will find the policy number which represents the individual nature of the contract.
The declaration page will describe the type of policy. There are several different forms of homeowner’s policies and this will tell you which form is being used.
The declaration page will identify who is being insured. This is very important, particularly when there is a liability claim. The named insured should read like the deed to the property. The property should be clearly identified. There may be more than one “insured” and their relationship is often included in the declaration. This is where the mortgage company will be identified and the address of the company will be included, along with the loan number. Additional mortgagees can also be listed here with the same information.
The name and address of the agent handling the policy also appears in the same general area. This is where you can go for service on the policy.
The declarations make very important statements setting the coverage limits. While they are often identified by letters (A-M) there will be definitions in the subsequent pages. This shows the limit of each of the coverages in the policy. It usually shows the limit of liability. It usually shows the deductible applied to property claims, and states the annual premium for the policy.
There is a lengthy list of forms that comprise the bulk of the policy. These attached pages detail exactly the nature and extent of the coverages, and the limits and exclusions that apply. As a homeowner you should look down this list and ask the agent to explain any coverage that you don’t understand. This can trigger conversations about additional available coverages that might be appropriate for you and which you should have. This is a very important section and one that you don’t want to overlook.
After this is usually a general description of the property itself. It will identify the fire district, location of the nearest fire hydrant, proximity to a fire station and the protection class used to develop the premium. It will probably comment on the roof and indicate if there is any special rating applied. The company has relied on this information much of which you’re provided and it should be correct.
It is quite likely that your state has laws that require certain notifications to be on the declaration page, perhaps warning you that the policy does not cover flood, earthquake or building code upgrade coverage.
Finally the declaration page will identify the company, its address, telephone number and state who is paying the premium and the address where communications are being sent.