The first page of a policy is the ‘Policy Declarations’ or ‘Dec Page’. This page contains the basic policy information, name and address, amounts of coverage and description of the property covered by the policy. It is important to review this information at least annually to make sure the policy still meets your needs. Check for changes to property value, and any additions or renovations you have made.
Also note that some perils, such as flood and earthquake, are not covered on a standard homeowner policy. These can sometimes be added to a policy or covered by purchasing additional insurance.
If you have questions about additional coverage you may please contact us.
Some insurance terms are important to know.
Appraisal – An evaluation of a home insurance property claim by an authorized person to determine property value or damaged property value.
Deductible – A deductible is the amount you agree to pay out of pocket for damage resulting from a specific loss or accident. Generally, choosing a higher deductible will lower your premium.
Depreciation – The estimated decrease in property value over time due to wear and tear, aging and other related factors.
Liability Coverage – Covers losses that an insured person is legally liable for due to negligence or other situations outlined in the home insurance policy.
Peril – The exposure to or cause of a possible loss, such as an injury, destroyed or lost property, etc.
Personal Property – All tangible property (other than land) that is either temporary or movable in some way, such as furniture, jewelry, electronics, etc.
Premium – The price a home insurance company charges for a specified risk over a specified period of time.
Replacement Cost Coverage – This may be available for both the home and the contents. It will pay the cost to replace damaged property without factoring in deductions for depreciation.