What Is a Homeowners Insurance Declaration Page?

Homeowner’s Insurance
October 10, 2022

The HOI page or Homeowners Insurance Declaration page is a legal document that includes the summary of your homeowner’s insurance policy coverage. It covers all necessary information about your homeowner’s insurance policy

The declaration page is a document that contains all relevant details about the homeowner’s insurance policy including any changes from your last renewal or policy as well as the associated costs and coverage amounts. So it is important to understand all the necessary information on your Homeowners Insurance Declaration page to get the most out of your insurance policy.

What The Homeowners Insurance Declaration Page Includes

The declaration page starts with the name of the insured individuals in the household, the HOI provider, and the lender (in the cases where the house is on the mortgage). In short, it includes all the parties linked with the policy and contract.

It also lists all the standard but important details about your policy like the number, contact information, and the limits you have picked for homeowner coverage, such as personal property coverage, medical coverage, liability coverage, and dwelling coverage.

The Homeowners Insurance Declaration page also includes two very important dates – the date the policy coverage goes into effect and date that coverage expires.

Understanding My HOI Policy Declaration Page

It is important to completely review your Homeowners Insurance Declaration Page because it gives you a complete breakdown on all the details of your policies. Here are a few of the main points to be sure to review and understand:

1. Coverage

The coverage breakdown will show everything that the policy covers and the coverage amount in dollars.

2. Period

The policy period refers to the validity of your policy till the expiration date. The effective date is highlighted on the page so that you can easily find it and know the time period in which the policy will be in effect. If it has expired or is near to the expiry, make sure to call your insurance advisor and renew it. The period is usually set for a year of validity

3. Deductibles

Deductibles refer to the coverage and limits you have agreed to pay in the event that you need to file an insurance claim for an incident at your home.

4. Premium

Premium refers to the amount you will pay yearly for the protection of the insurance policy of your home. It is on the declarations page and includes the coverage you selected.

5. Discounts

Discounts are applied to premium policies, including car insurance with a hail-proof roof. All you have to do is go through it thoroughly to get the best offers.

Bottom Line

Protecting yourself from the unpredictability of life holds much importance in this era. You will need to use the Homeowners Insurance Declaration page if you have a mortgage to stay updated and gain financial protection for a year. Proof of insurance is also necessary as it gives you the right to be the legal owner of the property and the coverage that comes with it. Avail the chance to manage your expenses and living standards with the best HOI policies. We hope that this blog will assist you in your future endeavors.

Superior Insurance has four North Carolina offices, two in Durham and two in Raleigh. We are locally owned and take great pride in educating and explaining our clients’ insurance policies to them. If you have any questions on your policy or you want us to review your current policy to suggest some ways to save money, please contact us today and let one of our agents do that for you with no cost or obligation!