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Understanding Homeowners Insurance Declaration Page

By: Danny Lipford

Lots of homeowners have questions about what their insurance actually covers but unfortunately many don’t find the answers until they have damage from a fire or natural disaster. One of the easiest ways to determine what is and isn’t covered is to look at the Declaration Page of your policy, which is basically a miniature summary of your coverage.

Be sure to look carefully at the exact description of your property on this page because over the years, you may have improved your home by finishing the basement, adding a deck, upgrading appliances, or installing new flooring. If you have upgraded your home, but never updated your insurance policy, then you may run into trouble if you ever need to make a claim for a loss.

The good news is that the solution is easy. Just make a list of the improvements to your home and ask your insurance agent for a review of your policy.
Of course, if you do need additional coverage you’ll probably see an increase in your premium, but at least you’ll have protected the investment in your home.

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  • Doc Says:
    July 19th, 2007 at 5:16 pm

    I am in a situation in which I need some advice. I am in a condo situation & I pay the neighbor of the joining property half of the insurance premium, annually. Every year I ask him for a receipt and a copy of the policy so I know what my coverage is. I always get a receipt that looks less than professional, but is typed and on a letter head. As for the policy, I have yet to see one. One year I got a copy of some borchure from the state. One year I called the Ins. company they told me they sent the policy to the condo Assn. which my neighbor is head of. This year I received a policy Declaration but the address reflects the address of the building but not my unit (east). How can I investigate if this Ins. is legit? What state agency overlooks this? My problem is my neighbor works for the Ins. co. & there is to many unanswered questions!


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