Disaster Restoration Info from Complete DKI

With years of experience in disaster restoration, Complete DKI is a leading restoration contractor for Pensacola, Gulf Shores, Gulf Breeze, Mobile and surrounding area. Call our 24-hour emergency response line to get help now!
Posted on March 1st, 2017 by completedki

 

Homeowner Declarations Page

A homeowner’s declarations page is the portion of a homeowner’s insurance policy that outlines the amount coverage, the names of those insured, the property’s location, lienholders information, and the yearly premium amount. The page is typically in an easy to read format and includes the name of the insurance company.

 

Who” – Gives the name and address of the insured. Also shows who your agent is and includes their contact information, such as address and phone number.

What” – Provides the policy number and the policy period.

Where and Who” – Indicates where the property is located. Includes name and address about the mortgagees or other parties that have an additional interest in the property.

Which” – Outlines the coverage and deductible for dwelling, other structures, personal property, additional living expense, and liability.

What” – Lists what discounts have been applied to your premium.

 

How to Read Your Homeowners Policy Declarations Page CHECK THE FOLLOWING AREAS:

1. Named Insured: Owner or owners of the dwelling being insured.

2. Your Agent: Contact information for the agent with whom you placed the insurance.

3. Policy Period: The date your coverage begins and the date your coverage ends. This is typically a 12-month period.

4. Location of the Property: Indicates the street number, name, city and state the property is located in.

5. Premium: Total annual premium for all coverage(s) including endorsements.

6. Dwelling Protection: Coverage A: the structure of the home and any attached buildings.

7. Other Structures: Coverage B: Structures not attached to or part of the home, covered up to 10% of the home structure.

8. Personal Property: Coverage C: Contents or personal property in the home. Coverage of up to 10% applies to contents away from the home. Generally, coverage equals 50% of dwelling coverage.

9. Additional Living Expense: Coverage D: Coverage if the insured’s home has a covered loss and they must seek temporary lodging. Typically, coverage is 10-20% of dwelling coverage.

10.Personal Liability: Coverage E: Coverage in the event a law suit is brought against the insured or resident relative, because of bodily injury or property damage resulting from acts of the insured. Also includes coverage for legal defense.

11.Medical Payments: Coverage F: Coverage for reimbursement of reasonable medical expenses incurred by a third party who is injured on the insured premise as a result of activities of the insured.

12. Discounts: This shows discounts that are being applied to your account such as multi-policy discount, burglar alarm, and being claim free.

13. Forms and Endorsements: Booklet that describes policy and amendments that add, remove, or otherwise change the standard coverage.

14. Additional Interest: This lists the name and address of the Mortgagee or other parties that have a legal right or interest as a creditor.

 

Your mortgage company will typically require you to provide an up-to-date declarations page for proof of your homeowner’s insurance about once a year to ensure you have adequate financial protection for your house. If you don’t provide this proof of insurance, your lender has the right to purchase homeowners insurance in your name and add the premium to your mortgage payments (aka “force-placed insurance”). This kind of policy is generally much more expensive than your standard home policy, and often, the coverage isn’t as comprehensive either, another good reason to never let your homeowners insurance lapse. If you or anyone you know has any questions, please feel free to contact Complete DKI at 850-225-5354 or our Alabama office at 251-255-5354.

 

 

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