By now you've probably received a request from Versured for your declarations page ("dec page") of your home insurance policy. A dec page is one of those things that's really easy to get but is easily misunderstood, so let's break it down for you here: It's a basic form provided by your current insurance company that just goes into the basics of who and what is covered under your policy. (If you're lost and looking for the auto insurance version of this article, read this.)
Getting your dec page for your home policy is an essential step for Versured to get you a lower rate on your coverage. Here's what goes into the dec page for home insurance.
Parts of a Dec Page
If you've found yours, you'll notice your dec page has the following parts:
Policy number: This number is unique to you and is necessary for filing a new claim.
Policy term: This is how long your policy lasts before expiring.
Your address and name: This also includes where your car is usually stored.
Name insured: Your name (or the person who holds the policy).
Coverages: Bodily injury coverage, property damage liability, and any elective coverages, like collision and so on.
Limits: The limits of your coverages.
Deductible: The amount you have to pay until coverage starts.
Replacement cost value/actual cash value: Replacement cost value factors in depreciation of a belonging, where actual cash value only factors in what the item originally cost.
Premium: This is how much you pay each six-month or one-year period (i.e., the policy term).
Endorsements: Usually niche types of coverage, often a customization to your policy.