What is the insurance declaration page?
- The Homeowners Insurance Advertisement page lists your policy details such as coverage and premiums owed.
- You receive the Homeowners Insurance Declaration page when your policy is issued.
- You can get your insurance declaration page by mail or through your insurance account online.
When you purchase a policy, you will receive a document called the 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, the lender will ask you to submit an advertisement page to prove that you renew your insurance annually. If you fail to submit an advertisement page each year, you may be subject to “imposed insurance”. Your lender will buy
The policy is for you, which tends to be more expensive than if you were to renew your policy yourself, according to Allstate.
What is included in your home insurance advertisement page?
“When you buy homeowners insurance, update a policy, or switch insurance carriers, you will receive a new homeowners insurance announcement page highlighting what is included in your policy,” says Steve Wilson, senior underwriting manager at Hippo.
Through your advertisement page, you will receive a file of documents that delve into the details of your document. This is often confusing, Wilson says, and the ad page will allow you to review what’s included in your policy at any moment.
The Standard Homeowners Insurance Advertisement page will include basic information such as the policy holder’s name, policy number, policy start and end date, and location of the insured property. The ad page will also include the type of coverage, coverage limits, discount, premium, and discounts. You will also be shown contact information for your insurance provider and details of your mortgage, if you have one.
The ad page will not include exact details about your policy. According to Hippo, there are three elements that your ad page might not include.
- Specific exceptions: Specific exceptions are “a list of specific risks, events, or even things that the company will not provide financial protection for,” according to Hippo. Your acknowledgment page will not show what risks are not covered.
- Full application of the policy: The home insurance application contains specific details about you and your home, which you fill out before receiving a quote. Information such as the age of your home or your credit score will not be available on your ad page.
- Actual insurance policy contract: The entire policy contract will cover details of your policy that are not covered by the Homeowners Insurance Advertisement page.
How to read a home insurance advertisement page
The Homeowners Insurance Announcement page gives you an overview of your policy. It is relatively easy and takes no time to read.
One of the first information you will see on your insurance declaration page is the name of the insured. Here, you will 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 make sure they are included in the policy,” Wilson says.
You will also see your policy number, the address of the insured home, the start and end date of the insurance, and information about your home.
According to Wilson, property-specific information that may be listed in the “Policy Information” section of the ad page includes:
- The year your house was built
- Residence type
- roof age
- any security systems
- Related building information
Additionally, you will see contact information for your insurance agent as well as your mortgage lender (if available).
Standard homeowners insurance will consist of four main parts: housing, personal property, loss of use, and liability coverage.
- dwelling: Coverage A protects the structure and foundation of your home. It also covers your embedded systems such as plumbing, heating/cooling, and embedded appliances. Coverage B will also cover detached structures on your property such as a garage or swimming pool if they are damaged due to the risks listed in your policy.
- PropertyCoverage C protects your possessions such as stand-alone appliances, clothing, jewelry, and electronics.
- use loss: Coverage D will cover any expenses you have to incur if your home becomes uninhabitable due to damage, for example, alternative housing arrangements.
- Liability Coverage: Coverage E will cover any expenses if someone sues you for injury or damage suffered by someone on your property. Coverage F offers paid medical treatment to injured guests at your property.
The Coverage section will also show your limits for each type of coverage. The coverage limit is the maximum amount your insurance company will pay for damages related to your home that are covered by your policy.
Your withholding amount will be listed as a fixed amount or percentage in your policy. The deductible is the amount you have to pay before you can get compensation for your claim. For example, if you have a deductible of $1,000 and you have coverage of $15,000, your total return would be $14,000.
Your premium is the total amount you must pay to maintain your coverage. On your insurance declaration page, you will find your monthly premium, your total premium for the year, and the advance payment for your insurance policy. The permit page may also show details of how much each coverage costs.
Confirmations or Riders are available for additional purchase if you require more coverage or need to adjust coverage in your policy. If you purchase additional endorsements throughout the year, you’ll receive a new ad page to reflect this new information, according to Wilson.
You’ll also see the discounts you qualify for on the acknowledgment page. Here are some common homeowner insurance discounts:
- Multiple discounts policies: This is a discount you might get for bundling your homeowner’s insurance policy with another insurance product, usually auto insurance.
- New Home / New Home Buyer Discounts: You may qualify for a discount if you are a new home buyer or have just purchased a newly built home. What is described as a “new home” varies between insurance companies.
- Automatic money transfer, fully paid, electronic, paperless debit: You may get a discount for choosing the payment type.
- Claim-Free Discount: This is a discount for getting a clean slate with your home owners insurance.
- Loyalty discount: Your provider may offer a discount to insure with it for a consecutive number of years.
- Home Safety Discount: You may qualify for a discount if you have devices such as burglar alarms or smoke detectors.
- Non-Smoking Discount: Non-smokers can get a discount for those with smoke-free beds.
- Home Improvement Discount: You may get a discount to upgrade your roof, electrical, heating and plumbing systems to improve the quality of your home.
Where do I find the homeowners insurance advertisement page?
Your insurance declaration page will be located at the beginning of your homeowner’s insurance policy once your policy has been issued. You can also contact your provider to order a hard copy or access it online through your company’s application.
Wilson advises following these steps after receiving your insurance declaration page:
- Be sure to review this document carefully to ensure that the information is accurate. Inform your insurance agent of misspelled names, incorrect addresses, and policy limits to avoid problems when making claims or paying premiums.
- See the details of your annual premium due including taxes and fees.
- Keep your acknowledgment page in a safe place. You will need to have it handy when making a claim or providing proof of insurance.
- Request an electronic copy as a backup.
- Set a reminder to review and update your acknowledgment page annually.