Understanding Your Homeowners Insurance Declaration Page

What Is a Homeowners Insurance Declaration Page?

A homeowners insurance declaration page is a summarized document provided by your insurer that details your homeowners insurance and the types of coverage provided under your policy. 

What Does a Homeowners Declaration Page Look Like?

Your homeowners declaration will only be a page or two long. On it you’ll find your information, along with the details of your property and coverage. Here’s a breakdown of what you’ll find on the home insurance declaration page. 

Policy Information

Details regarding your policy such as your policy number and period will be listed on your declaration page. Your policy number will be listed towards the top of the page and your policy period will list the effective date and the expiration date of your coverage. 

Location of Property

This will list the address of the home or property that is being covered under your homeowners insurance policy. 

Insurance Agent

The contact information such as name and number of your insurance agent for this policy will be listed. If you need to update your coverage, this will be the person to contact. 

Coverage

A list of all coverages and their limits and deductibles will be listed. This can consist of coverages like dwellings, personal property and other structure protection. 

Endorsements

Add-on coverages can be listed here. Additional coverages can consist of things like equipment breakdown coverage and drain backup coverage. It’s important to note that some optional add-ons may not be listed if you have not purchased them. 

Discounts

In this space you’ll find any discounts related to your insurance premium. This could look like bundle deals or discounts for purchasing umbrella coverage. 

How to Read a Home Insurance Declaration Page

Now that you have a picture of what a declaration page looks like, let’s breakdown some of the terms commonly used. 

Deductible

On each insurance policy there is a deductible. This is a set amount you’ll be responsible for paying, before insurance will kick in when filing a claim. Your deductible can vary from policy to policy. 

Premium

A premium is a set payment agreed upon that you’ll pay for your insurance. 

Bundle

Combining multiple policies into one, meaning you only have to pay one premium. The premium cost is typically lower by bundling policies.

Now that we have an understanding of what deductible and premium mean, let’s take a look back at the declaration page. When reviewing the coverage section, you’ll see the deductible (amount you owe) for each policy if you were to file a claim. In the discounts section, you’ll see how your premium (payment for insurance) is affected based on whether you have bundled your coverage. 

How to Find Your Homeowners Insurance Declaration Page

Your homeowners insurance declaration page should be one of the first pages on your homeowners insurance policy. If you’re not sure where your policy document is located, contact your insurer or agent and request a copy. 

When Will You Need Your Insurance Declaration Page?

You will need your insurance declaration page when you’re applying for a mortgage with a lender. They will need proof of homeowners insurance to go forward with their process. It may also be beneficial to evaluate your declaration page when you’re reviewing your policy to assess what coverages, limits and deductibles you have. 

Bundle and Save

Review your coverage and see how you can bundle and save by connecting with a local Farm Bureau agent today.