When you take out an insurance policy, you'll receive a multi-page policy document containing a large volume of information about your coverage, which may be overwhelming. Fortunately, you can find all of the key points summarized on the policy's first page, which is often titled as the Policy Declarations page. In the case of auto insurance, it lists the vehicles and drivers your policy covers, the coverage you’ve purchased, your premiums (the amount due for those coverages), discounts and other key details.
What Is It?
Generally, the declaration page will normally include the following information:
- The insurance policy number
- Name and address of the policyholder
- Who the Named Insured's on the policy are
- The insurance company name, address and contact information
- Information needed to report a claim
- Identification of the insured property
- What coverages are included
- What type of coverage the policy is for (Homeowner, Condo, Auto, Boat)
- Limits of insurance per coverage, for example Dwelling Values for homes
- Deductibles per coverage
- Endorsements with limits and deductibles
- The policy effective date and expiration date
- Discounts and surcharges
- Policy Rating information
- Price of the insurance, also known as the premium
- Additional Named Insureds, such as Mortgagees, Leasing companies, banks for car loans, or any other person who has an insurable interest in the property due to having provided financing on the property.
- Limits of Liability
Why Do I Need A Declaration Page?
The Insurance Declaration page is the most important part of your insurance policy because it shows:
- The main coverages that lead to how a claim will be paid
- What the limits are for each section of the policy
- The premiums charged for the coverage you have purchased
The declaration page is followed by the second most important part of your policy, the policy wording, which defines each of the terms found on the DEC page and how they apply in a claim.
How To Renew Your Policy?
Your insurance declaration page should make it easy to pinpoint the date your current coverage will expire. Generally, your insurance agent will get in touch with you before then to renew your coverage.
Still, it’s your responsibility, not theirs, to make sure you always have coverage. As you’re looking over your declaration page, mark your policy expiration date on your calendar with a reminder to go off a couple of weeks beforehand. That way, you can keep your auto insurance coverage active and avoid penalties like fines, getting towed or license suspension for not having insurance.
When you renew your policy, you get a new declarations page. Look it over to make sure everything’s in order.
Everything you asked for or agreed to when accepting your new policy should be visible on the declaration page. This represents what you are entitled to, so check it carefully and don't be afraid to ask questions.
Once you are done reviewing your policy, you should keep your insurance declaration page in a safe place, as it is part of your insurance contract.
If you need to understand the exact item being insured, check limits the of your coverage, know your deductible, or find out the policy's expiration date and more, it's all there on this summary page.