A homeowner insurance declaration page lists your insurance coverage, limits and deductibles. This document includes coverage’s for the dwelling, personal property, unattached structures, personal liability, medical expenses and a loss of use.
Typically your insurance company will provide you with an updated declaration page at the beginning of each policy term, which is typically 12 months. On this page you will see the names of the insured, lienholder, property location, yearly premium and insurance agency information.
Mortgage companies require a copy of a homeowner’s declaration page when initiating a mortgage and typically once a year to conform that you have maintained adequate coverage. Failure to provide proof of insurance can result in lender-placed insurance on the home, which is more costly. Typically your insurance carrier will provide this automatically.
It is recommended to review your declarations page to verify that your premium and coverages have not changed or your discounts are not inadvertently dropped by the carrier. Not all of the details of your policy will be listed on the declarations page. This information can be found in the attached policy agreement, which lists covered liabilities and items excluded from coverage.