The insurance declarations page is a document provided by your insurance company that summarizes the information on your insurance coverage. It contains name and address, descriptions of the insured property, and premium. It also covers some other information about your policy’s limits, coverages, discounts, deductibles, and relevant insurance policy forms and endorsements.
Each different insurance policy such as (homeowners, car, renters, etc.) will have a separate declaration page, usually located on the first page of the policy. Let’s take a look at what you’ll find on the page.
Named insured:- At the start of the page, we can see the name and address of at least one insured. The first person’s name is the primary insured. There can be multiple named insured and these are the policyholders.
General policy information:- There is information regarding the policy on the declaration page. Like policy number and billing account number which are used to identify and pay for your specific policies, while your policy period states your policy’s effective and expiration dates.
Discounts:- After policy information, there is information about all discounts applied for the current policy term.
Insured property:- We can find information on the insured property. For example, On the auto policy declaration page, there is information regarding the vehicle like make, model, year, VIN number. And In the home or renter’s policy, this will include the address and type of residence, etc.
Coverages and limits:- Most of the information in the middle of the page will highlight your coverages, limits, and deductibles. We can also see the premium, cost, associated with each level of coverage. The total premium will appear under the policy number, policy period, and billing account number.
Policy forms and endorsements:- In some of the policies or endorsements will have specific forms that contain detailed information of your coverage. These form numbers may appear on the declarations page as a point of reference.
Agent contact information:- At the bottom of the page we can find the agent contact information.
What is not included on the declarations page
It’s important to note that the list of coverages on your declarations page isn’t necessarily all-inclusive. Optional add-ons may not be listed. Your declarations page is meant to serve as an easily readable summary of your policy.
Renewing your insurance policy
When you renew your insurance policy, you’ll be issued a new declarations sheet. All the information is going to be updated to reflect the changes to your policy: new premium and policy period, new discounts, new or increased coverage and any new endorsements, and so on. If your premium has changed, sometimes the declaration sheet will indicate it with the share or dollar amount by which it’s changed additionally to listing the new premium.
Note:- If you face any problem or find any errors related to Incorrect deductibles, missing endorsements or incorrect coverage amounts, etc you can contact your insurance agent.