The declarations page is the most important page when trying to understand your homeowners insurance policy. It’s generally a single page or two at most, and will summarize information related to your policy, such as the insurance company’s name, your name, property address, coverage amounts, deductibles, endorsements and annual premium.
The policy jacket, or policy form, is included with the declarations page, and it goes into more detail with policy language, such as exclusions and conditions, as well as definitions of important terms. It’s helpful to read the policy jacket first so you understand the terms you will see on the declarations page. For more information, see what your dec page doesn't tell you.
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Section I: Property Coverages
Section I of a home insurance policy includes different property coverage types. In a standard, HO-3 policy, these include dwelling, other structures, personal property and loss of use. Your declarations page will also include your coverage limits for each part of your policy. You may also see these coverage limits expressed as “limits of liability.” For more information, see Coverage A, B, C, and D.
- Dwelling: Provides financial protection to repair or rebuild your home’s structure if damaged or destroyed in a covered loss.
- Other structures: Provides coverage for structures detached from the dwelling, like a fence, shed, barn or gazebo, if damaged or destroyed in a covered loss.
- Personal property: Covers your personal belongings in the home and often extends some coverage for personal belongings stored in other locations, like a storage unit.
- Loss of use: If you and your household members are temporarily displaced from your home due to a covered loss, this coverage helps cover costs such as hotel and meal expenses.
Section II: Liability Coverages
The second part of a home insurance policy consists of the two major types of liability coverage. These are usually personal liability insurance and medical payments coverage. You may also see “medical payments” written as “guest medical” coverage, but they mean the same thing.
- Personal liability: Protects you financially if you, a household member or your pet (restrictions may apply) are financially responsible for injuries or damage to someone else or their property.
- Medical payments: Provides medical coverage if a guest is injured on your property, but you are not legally responsible for covering the costs of injuries.
Endorsements
It’s easiest to think of endorsements as add-on coverages. Your insurance company may also call endorsements “riders.” Some common ones in home insurance include:
- Sewer/water backup coverage
- Ordinance/law coverage
- Inflation guard
- Extended dwelling replacement
- Jewelry or other valuables coverage
- Sinkhole coverage
Deductibles
Your deductible represents the amount of money you are financially responsible for when you file a claim. If your claim requires you to hire a contractor, you may need to pay your insurer your deductible before the repairs begin. Or, if your insurance company is reimbursing you for something, you may have your deductible taken out of your reimbursement payment. Most home insurance deductibles range between a few hundred and a few thousand dollars.