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Buying Your First Home? Understand The Declarations Page Of Your Homeowners Insurance Policy

If you are brand new to homeownership, there is a lot that you’ll need to learn. A very important aspect of the entire process is obtaining homeowners insurance. This insurance protects you financially in case of fire, theft or other damage. Many homeowners do not know what their coverage is on their home. This is where the declarations page comes in, so you can quickly understand what’s covered. This guide explains how to understand the declarations page, so that you’ll always know how much coverage you have, and if you need to update it.

What Is on the Declarations Page

The declarations page is typically the first page of the homeowner’s insurance policy. This page offers details of the policy so that you don’t have to search through the entire policy to find one specific thing. Items listed on this page include:

  • name of insured
  • address of the property
  • amount of your yearly premium
  • name and address of the insurance company
  • overview of coverage and amounts
  • coverage dates
  • deductibles
  • loss of use benefits
  • additional endorsements, such as a jewelry rider
  • discounts, such as a reduction for having a security alarm

Even though the declarations page lists the coverage amounts, you’ll find the details and restrictions of them in the body of the policy.

Timing of Receipt of the Declarations Page

Expect to receive a copy of the declarations page soon after purchasing your homeowners insurance and then once per year after that, for as long as you own the home. Mortgage companies require this page once per year, so the insurance company sends a copy to it as well.

Expect to receive a copy if there are changes in your coverage.

Important Note: If you did not request any changes to your homeowner’s policy and you receive a new declarations page in the mail before you normally expect it, review it carefully and ask your insurance company to clarify why it was sent, what changes were made and why they were made.

Importance of the Declarations Page

The declarations page proves to the lender that you have insurance on the home. If the mortgage company does not receive this page, they may add coverage to your home on their own. Then they will attach the premium for that insurance, which is usually more expensive, to your monthly mortgage payments or send you a bill.

Keep an eye out for your homeowner’s insurance declarations page as you’re going through the purchase process and each year after closing. If you don’t receive one, call the insurance company to find out where it’s at. Review the document carefully to ensure that all the desired coverage is there and that everything is correct. Lastly, keep this document in a safe place so that you can get to it quickly if needed. For more information, contact a firm such as C R Gregory Insurance Inc.

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