What Is an Insurance Declaration Page?
- A declaration page for insurance sums the contents of the the insurance policy.
- It is included at the beginning of your policy’s paperwork and provides details such as the deductible and coverage, discounts and much other details.
- You must be sure to check your dec website for errors as soon you receive it. Errors could make it difficult to submit an claim.
- You might need to present this document to your lender to prove the coverage.
Definition and Examples of an Insurance Declaration Page
The insurance declaration page is an integral part in your coverage policy. It is located at the top of your form and sums details regarding your insurance.
- Alternate name: Policy declarations page, declarations page
- Acronyms: DEC page, dec page
For instance, you could get a declarations form when you buy a new auto insurance policy.
How Does an Insurance Declaration Page Work?
The insurance declaration form is included in your policy. You will receive it after the policy is issued. It is issued after the insurance binder and you will receive the exact details that were provided into the binder.
In spite of the title however, the document could exceed a single page. Based on the particulars of your policy it could be spread across several pages. It is recommended to get a new page each time you purchase or renew an insurance policy.
Note
The insurance binder is a document for a short period which outlines your insurance protection. It is a evidence of insurance until you receive your policy documentation. They will include the dec page.
This page should be a crucial element in your policies. It lists:
- The most important coverages that will lead to the way a claim is going to be paid
- The maximums for each section are set.
- The charges for premiums
- who is covered and what’s included
The dec page includes all the important details regarding your contract such as who or what is covered, the process to make a claim, as well as other information. It is recommended to read the dec page thoroughly to ensure that the information is accurate.
Common problems that are found on the insurance dec pages could be:
- For example, typos in a name, address or even a number
- The wrong kind of insurance (for example an insurance policy with a named perils name in lieu of an open-perils policy)
- Incorrect deductibles
- Incorrect coverage amounts
- The missing riders
- Missing discounts
The details you requested or agreed to when signing the new policy should be included on the page describing your policy. Incorrect information could hinder your ability to make an insurance claim. If you discover errors, speak to your agent to fix them.
After you have looked through your policy, make sure you keep the dec page in a secure place because it’s included in your agreement.
Note
This declaration section is accompanied by the policy language that clarifies the terms used on the declaration page and what they mean to a claim. The policy language will benefit you know what each part of your policy is. It will also inform you the way it will affect your home.
What Does an Insurance Declaration Page Cover?
A declaration page for insurance will summarize the most important information from your insurance policy. It includes:
- The policy number
- Address and name of the holder
- Who and what is included
- The name of the insurer, the address and contact information
- What kind of coverage is the policy provides?
- Limits and deductibles
- Endorsements
- What is the duration of time that the policy will be valid for?
- Discounts and surcharges
- Cost of insurance, usually divided into installments
- Additional named insurance companies, for example banks
- Limits of liability
Some declaration pages contain the procedure for how to make an insurance claim. If this information is not listed included on the declaration page, it must be included in a separate section of your application.
Why Do You Need an Insurance Declaration Page?
In certain instances it’s beneficial to have your insurance dec. page in your possession. In other cases, it’s mandatory.
When you are shopping for insurance having your dec page in your possession makes it simple to compare the various options, and should you change insurers the new insurer will require evidence of your current insurance coverage.
If you’ve got a loan for any property that is insured the lender could need a copy of your dec page. For example, your car lender may request it since the dec page will show the insurance your car is covered by but the insurance ID card does not. The dec page will identify the lender that is listed as a loss payee and/or more insurance on the plan. The mortgage company that owns your home might require the dec form for the homeowner’s insurance too.
Often, your insurance company is the one who sends the dec form to your lender, but it can be lost and you’ll have to offer additional an exact copy.
