Insurance 101: The Dec Page

Insurance 101: The Dec Page

Insurance companies typically issue a number of documents when issuing a policy. For the consumer, these documents may not be the most easily understood, as insurers include industry-specific jargon and shorthand that actually represents how you’re covered. If you have your policy handy, we’ll be taking a look at the first page of that policy. It is known as a declaration page. Let’s take a further look at this important document.

Referred to as a “dec page,” an auto insurance  declaration page is a summary of your auto policy provided by your insurer.  The dec page consists:

• The name of your insurer
• The Policy number
• The term of the policy
• The type(s) of coverage you have
• Limit(s) on each coverage
• Cost(s) for each coverage
• The vehicles covered by the policy with a description of each vehicle
• Other information (varying by insurer)

Essentially, the dec page gives you a brief overview of your auto insurance policy.

For those with a homeowners insurance policy (as well as renters insurance, condo insurance, etc.), the dec page is provided to policy holders at the beginning of each policy term. A homeowner’s dec page includes items such as:

• the named insureds on the policy,
• lienholder information,
• property coverages and location,
• liability coverage,
• medical expenses
• insurance coverages,
• limits
• loss-of-use benefit
• deductibles
• yearly premium, and
• the name and address of the issuing insurance agency.

What Makes the Dec Page Significant

By being acquainted with the information on your dec page, you can verify your information and ensure that discounts  that you’ve earned  or are eligible for are in use. Comparing dec pages year by year can help ensure that your discounts aren’t dropped by your carrier.

Besides confirming the details of your insurance policy, a dec page can be used for a variety of purposes. For homeowners, mortgage companies usually require a copy of the dec page to ensure that the borrower maintains an adequate level of coverage, which minimizes the bank’s risk. If you don’t provide proof of insurance to your lender, you may be subject to lender-placed insurance on your home, which is more expensive.

What’s NOT Listed

 While the dec page does contain a large amount of information, it is by no means comprehensive. The particulars of your coverage are not listed (ex. named perils), nor are exclusions to your policy. This information can instead be found in the attached policy agreement.

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Of course, the declarations page is just the beginning to understanding your insurance company in finer detail. However, many consumers may be confused by the information or not know how to take advantage of savings they are eligible for. That’s why we recommend that you contact an insurance advisor at RiskBlock  to gain expert insight into your insurance needs, offering the best solutions for you and your family.