Florida Homeowners Insurance Definition Policy Declarations

Any person having an insurance policy would be familiar with the declaration page- the first page of the insurance policy document. It provides some basic information about the insurance policy chosen by the person. But what is the information that it provides? What is the purpose of the Declaration page in the insurance scheme? These questions will be answered below: Information contained in the declaration page:

1. The identification of the policy: This includes the policy type, the coverage, the limits of liability and the premium to be paid by the insured party

2. Personal information: The name, address and the policy number of the insured person

3. Start and end date: The exact time and date at which the policy starts and ends is given. This is known as the policy period

4. Escrow information: In homeowner's insurance policies, if a third party, such as a mortgage company, pays the premium, the details of the third party is given. These details include the name and address of the third party.

As per each type of insurance-car insurance, homeowner's insurance and other types-additional information is provided in the declaration page. Conditions, exclusions and special endorsements are also printed on this page, as per the insurance policy. Every time the insurance policy is renewed, a new declarations page is printed and attached. This is done irrespective of whether there are any changes in the policy plan or not.

The importance of the declaration page in the insurance policy is paramount. It is the page that gives identification to the whole insurance document. For each policy document, only the declaration page differs. It provides a quick view of the entire policy, and needs to be carefully examined when you receive your policy for the first time or after renewal. Any mistake in the declarations form would mean that the insurance company has got the wrong information. This should be sorted out at the earliest, because it can cause problems when you make a claim for insurance later.

The declaration page can prove useful if you later approach a few other insurance companies for a homeowner's insurance policy. If the company finds that there is no lapse in your coverage, you can qualify for a "proof of prior" discount. Thus, you can see why a declaration page is so important. It not only identifies your insurance but also helps you in availing discounts in later policies.