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Insurance Declaration Page
by: Sahil | last updated: November 27, 2009
Category: Homeowners Insurance | Tags: Homeowners Insurance declaration page, contents of an insurance, insurance contents, declaration page
Category: Homeowners Insurance | Tags: Homeowners Insurance declaration page, contents of an insurance, insurance contents, declaration page
A homeowner’s declaration page is usually the first page of the insurance policy and provides basic information about the policy. The declaration page contains information such as the coverage, deductible, the premium charged, and the coverage period. A declaration page can be obtained separately as a standalone item but is not the proof of the policy itself. In addition to property coverage, the declaration page also contains another section called liability coverage. The liability coverage is broken down further into two parts called personal liability and medical payments.
The personal liability section provides personal liability coverage in case there is a claim or lawsuit against the homeowner. This means that if a guest or someone is injured on your property and files a lawsuit against you for negligence then the costs of this lawsuit along with additional financial coverage may be provided by the insurance company. However this does not cover auto or business related incidents but only protects you and your family against any claims or lawsuits arising because of your house.
The medical payments section provides coverage to pay medical expenses for those who are accidentally injured on your property. Furthermore it provides coverage regardless of the fault; i.e. even if the person injured in your home is at fault. However medical expenses do not apply to people living with the policyholder or family members.
As with almost all insurance policies, there are some exclusions for the homeowner’s insurance policy. A typical home insurance policy does not cover injury to animals, motor vehicles and aircraft or parts thereof. This means that a visitor’s car that gets damaged on the premises of the house is not covered. However if the visitor is injured as well then the visitor will be covered but not the vehicle.
Other general exclusions for a homeowners insurance policy that are on the declaration page are losses due to floods, mudslides, water damage from sewer backups, damage resulting from war or nuclear hazard, neglect, earthquakes, power failures, seepage, dry rot, or vermin.
It is imperative to review an insurance declaration page when a copy of an insurance policy is issued. If the data on this page is flawed, it means that the insurance company does not have accurate data on file, and this could become a difficulty if a claim is required to be made against the policy. If the amount of coverage looks incorrect, the contact information is erroneous, the explanation of the thing being covered is wrong, or there are further problems, the mistakes on the insurance declaration page should be intimated to the insurance company so that they can be corrected.
It is a good idea to stock up insurance policies, certificates of title, and other essential legal papers such as birth certificates and passports in a safe deposit box in a protected facility, so that they are not stolen or damaged. However, since this information occasionally needs to be accessed swiftly, a lot of people make copies of their basic information and keep them on file for quick access.
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