The Purpose of a Homeowners Declaration Page


Quite a good number of homeowners are not conversant with insurance policies; this makes it a bit difficult for them to understand the importance of the homeowners’ declaration page.

Most insurance companies are well aware of this fact and they always make sure that they assign a personal agent that will explain everything that you need to know about your insurance policy. The purpose of this article is to answer that frequently asked question; what is a homeowners declaration page? and I will also explain its importance, where you can find it, and why it’s important to protect it. The homeowners’ declaration page is regarded as one of the most important documents of your ownership. It holds the most vital information about your homeownership which includes the named insured, lienholder, the insurance company’s name, and address, the location of your property, coverage details, and yearly premium.

Study Your Declaration Page Annually   

Once in 12 months, every homeowner receives a declaration page that contains an overview of the insurance policy that was agreed upon and sometimes an addition, or alteration to the agreement that will be used for the next 12 months.

This makes it very important for every homeowner to go over the declaration page annually, compare it with the current one to see if there is a new guideline that will affect them for the next year.

It is also important to take note of your insurance coverage details. Make sure that there is a complete list of your insurance benefits on the new declaration page.

These coverages include medical expenses, dwelling coverage, and personal property. If you can’t find any of these benefits, it means they won’t be available for the next year.

Other Important Factors and Limitations   

Mortgage companies always require a copy of the new declaration page to be sure that you be able to adequately maintain the mortgage plan for the new year. If you fail to do so, the lending company can place a fine on your home which makes your mortgage more expensive. One of the advantages of going through the new declaration page is that you will be able to see if there is a difference between the premium concessions of your plan. You should check out the discounts (claim-free discount, multi-policy discount, deductibles) of the past year with the discounts provided for the new year.  It is also vital to read through the coverage particulars of your plan, this part of the agreement is not on the declaration page, it is attached separately to the page.

FAQs about Declaration Page

Can I use the declaration page as proof of Insurance? Yes, you can. Maybe you want to collect a house loan and you are asked for proof of insurance, you can use your declaration page. However, your insurer should give you evidence of insurance that can be used as proof of evidence. Where can I find my declaration page? Your declaration page is the first sheet on your insurance package. It’s quite easy to spot the page because it contains all your details including your address and the details of your insurance company.

Why is a declaration page vital?

The declaration page is vital because if your properties get damaged, you will need to go through your declaration page. You need your declaration page if you have issues with coverages or deductibles, or you want to reduce your premium.