The part of a property or liability policy that lists personal information relating to the policyholder and his or her insurance policy. This includes the insured’s name; address; property details, like location and description, and the policy’s period and premiums.
Often called the “Dec page,” insurance companies use the information on the declaration page to calculate insurance premiums and claim payouts, as it offers a total summarization of policy details. Policyholders should carefully review the information contained in the declaration page for accuracy, notify their insurance company of anything that’s incorrect, and keep a copy of the declaration page as future proof of coverage.
When a change is made to the policy—or the policy gets renewed—the insurer issues the customer a new declaration page showing any changes or updates made. Again, the insured should review the page for accuracy and notify the insurance company of errors.