What Is an Insurance Declaration Page?
An insurance statement page summarizes the contents of an insurance policy. This comes at the beginning of your paperwork. Describes items such as deductibles, coverage, discounts, and more.
Learn what to include on an insurance statement page, how to check yours for errors, and what to do.
Definitions and examples of the Insurance Declaration Page
The insurance statement page is part of your insurance policy. This comes to the forefront of your paperwork. Summarizes key facts about your insurance.
Despite the name, it can have more than one page. Depending on the details of your coverage, it can span many pages.
You should get a new page every time you buy or renew a policy.
How does an insurance statement page work?
The insurance declaration page is part of your policy. You will receive it as soon as your policy is issued. It comes after the insurance record. You must have the same information that was sent to you in the insurance folder.
The insurance file is a temporary document that describes your coverage. It can be shown as proof of insurance until you receive your policy documents. This will include your December page.
The December page is a key part of your policy. Sample:
- The main coverages that determine how a claim will be paid
- What are the limits of each section
- Premiums collected
- Who is insured and what is covered
The December page contains all the important information about your contract. This includes what or who is covered, how to file a claim, and other details. You should review the December page in detail to make sure it is correct.
Common problems found on the December insurance pages may include:
- Errors such as a typo in a name or address
- The wrong type of coverage (for example, a named peril policy instead of an open peril policy)
- Incorrect deductibles
- Incorrect coverage amounts
- Lost riders
- Missing discounts
Everything you requested or agreed to when accepting your new policy should be on the December page. Any mistake can make it difficult to file a claim. If you find a bug, contact your agent to fix it.
After reviewing your policy, keep your December page in a safe place, as it is part of your contract.
What does an insurance statement page cover?
An insurance statement page will summarize the key details of your policy. This should include:
- the policy number
- Name and address of the policy holder
- Who and what is covered
- The name, address, and contact information of the insurer.
- What type of coverage does the policy include?
- Limits and deductibles
- How long is the policy valid?
- Discounts and surcharges
- The cost of insurance is often divided into payments
- Other named policyholders, such as banks
- Limits of liability
Many declaration pages will also include the process of how to file a claim. If it is not on the December page, it should appear in a separate part of your documentation.
Why do you need an insurance statement page?
In some cases, it helps to have the December insurance page handy. In others it is mandatory.
For example, when you buy insurance, having your December page handy makes it easy to compare products. Also, when you change insurers, your new company will want proof of your current coverage.
And if you have a loan on any secured property, the lender may require a copy of the December page. For example, your car lender may apply because the December page will tell you what and how much coverage your car has. Your insurance ID card no.
The December page will also show the creditor listed as a loss payee and / or additional insured on the policy. Your mortgage company may also require the December page from your homeowners insurance.
Often times, your insurer is the one who submits your December page to the lender. But sometimes it gets lost and you will need to provide a copy.
Enjoy Watching This Video About Insurances
Did you find this post useful or inspiring? Save THIS PIN to your Finances Board on Pinterest!
Ok, That is all for now…
If you enjoyed this article please, Share and Like it. Thanks.
See you in the next post, Have a Wonderful Day!