When you buy any type of insurance policy, you end up with a stack of papers that would take you a year to read if you went through them page by page. It can be overwhelming, to say the least. This is why insurance agents provide you with what is commonly known as a declarations page. It is a complete summary of your insurance policy and everything that it contains. It’s much easier to read and will provide all of the information in one place.
What Is a Declarations Page?
A declaration page is exactly what it sounds like. It is a page within your insurance policy that declares everything that it covers, its cost, and the period for which you are protected. It provides you with your policy number, as well as all of the smaller details you will ever need if something happens and you need to file an insurance claim. In most cases, the declarations page will be the first page you turn to when filling out a claim form.
Coverage
Your declarations page will also list all of the different types of coverage you have through your policy. It will explain how much coverage you have in terms of liability and property damage. It will also tell you whether you have replacement coverage or market value for your home. For auto insurance, it will tell you what types of coverage your insurance offers. Comprehensive, collision, and PL/PD are vastly different, so you must make sure to read the coverage section carefully.
Premiums: Monthly or Annual
Your declarations page will also indicate your premiums and deductibles. Premiums can be paid monthly, quarterly, bi-annually, or annually. Annual premiums are generally cheaper than monthly premiums. Your deductibles will also be explained- lower deductibles will mean higher monthly or annual premiums. On the other hand, choosing a higher deductible will give you lower monthly/annual premiums.
Audit Your Policy Frequently
A new home, new car, new driver in the home, a new baby, or the addition of a pet are all causes for having your policy audited. Having a student driver in the house or making substantial home renovations are good reasons to have your policy reviewed. Your agent will help you go over your policy and make any necessary changes.
Going over your policy can be an overwhelming task. Ask the agents at ISU-Wissink Agency to go over your declarations page with you. Our team can explain any item that you don’t understand and make changes to your policy so that you have sufficient coverage for all of your needs. By taking a few minutes to go over every section in your policy’s declarations page, you can gain a better understanding of your coverage.