If you’ve ever been confused about what blanket insurance is, you’re not the only one. Blanket insurance is commonly confused with umbrella insurance and has similar-sounding terms. We’re here to clear up the confusion about blanket insurance and to help you better understand who needs blanket insurance and why.
What Is An Insurance Declaration Page?
The insurance declaration forms part of the insurance plan. It is located at the top of your policy and summarizes essential information regarding your insurance.
How An Insurance Declaration Page Works
The insurance declaration form is a part of an insurance policy. Typically, you receive it after the policy is issued. It will be issued following the binder of insurance and should contain the same information that you received within the insurance binder. Your document could exceed a single page. Based on the particulars of your policy, it could be spread across several pages. Each time you purchase or renew an insurance policy, you will receive a new page.
Declaration pages are an important component of your policies. It lists:
- The major coverages that will lead to the method by which a claim should be paid.
- The limits for each section of your insurance policy.
- The fees charged.
- The name of the insured.
- Details about what the insurance covers.
The declaration page includes the most important details about your contract, including the people covered, the process to claim, and more. It is recommended to review the declaration page thoroughly to ensure accuracy.
The details you requested or accepted when you signed the new policy must be included on your policy declaration page. Errors could hinder your ability to make an insurance claim. If you notice any, you should contact your insurance agent to fix them.
When you’re done looking over your policy, be sure to keep your declaration pages in a secure place because it’s an integral part of the contract.
The Importance Of An Insurance Declaration Page
In certain situations, it’s helpful to keep your insurance declaration page in your possession. In other cases, it’s mandatory.
For example, when purchasing a new insurance policy, having your declaration pages in your possession makes it simple to compare the various options. Whereas when you change insurers, your new company may require evidence of your current insurance coverage.
If you’re obtaining a loan for any insured property, the lender might need a copy of your declaration page. For instance, your car lender may request it since the declaration page will show what coverage your vehicle has. The declaration page will reveal the lender named as a loss payee or additional insurance on the plan.
The mortgage company on your property may need the declaration form for the homeowner’s insurance. Your insurance company often sends the declaration form to the lender; however, sometimes, it is lost, and you’ll be required to provide an exact copy.