The Complete Guide to Your Insurance Declarations Page
While we don’t recommend spoiling the end of a novel, an insurance declarations page functions in a similar way, providing you with the important information and details you need to know in order to understand the intricacies of your policy.
Let’s get started.
Your insurance declarations page or “dec” page specifically states what is being insured whether it’s a vehicle, home or something else. It also states the active coverages on the policy, so you know what you are paying for exactly.
The first page lists basic information about you and your agency.
It states your name, address, policy number and your agency’s name and contact information.
Other information listed on the first page includes:
- Premium
- Deductible
- Limits
- Policy term
- Coverages
These are the “main characters” of your policy if you will. Getting to know them will only help you better understand your policy.
So, let’s get to know our main characters.
Premium is a yearly fee that you pay in order to make the insurance policy effective. Depending on your payment plan, you can pay this monthly, quarterly or semi-annually. You could also choose to pay it all at once, annually.
Deductible is the portion of a covered claim that you pay. Your insurance company covers the rest, up to your policy’s limits.
Which brings us to policy limit, which is the maximum dollar amount your insurance company will pay towards a covered loss. For example, if there is a loss to your home that results in you getting an injury that requires medical attention, your homeowners policy lists the limits for medical payments.
Say the limit for medical payments is listed at $5,000. Then, $5,000 is the highest dollar amount your insurance company will pay towards medical payments for this loss.
Policy term is the length of time your policy will be active.
Coverages are additional specific ways your policy may protect you in the event of a loss.
Simply put, an insurance declarations page exists to help you understand what you are insuring and what is covered.
For example, if you make a change to your policy or buy a new piece of property, you can check your declarations page to see if your current coverages/limits are enough or if you need to increase them. This is especially important should a loss occur. If something unfortunate were to happen, the last thing you want to be doing is wondering if you have adequate coverage, which is why your dec page spells it out for you. If you’re still unsure, you can always reach out to your local independent agent to review your policy limits and coverages.
We get it. Sometimes it’s hard to keep track of documents.
By enrolling in Auto-Owners online access, you can view your declarations page anywhere, at any time and on any device. It’s easy, convenient and saves you from the hassle of rummaging through your files.
Spoiler alert! Your insurance declarations page isn’t as complicated as it might seem. It’s simply a summary of the important details about your policy so you can feel informed, confident and know exactly what you’re paying for. So, relax, you’ve got this, but if it ever gets overwhelming, just reach out to your local independent agent for assistance.
