Property claims glossary
What is a declarations page?
The declarations page is the summary page of a policy that lists the named insured, property address, policy period, coverage limits, deductibles and the endorsements attached. It is the first thing to check on a property claim, because it confirms the policy was in force on the date of loss and shows which parts of the base form have been changed.
Worked example · fictitious claim
A declarations page shows a $350,000 dwelling limit, a $1,000 all-perils deductible and a 1% wind/hail deductible. On a $20,000 hail claim, the wind/hail deductible is 1% × $350,000 = $3,500, so the payment before depreciation is $20,000 − $3,500 = $16,500.
How it affects a settlement
The limits and deductibles on the declarations page cap and reduce every payment on the claim. Reading the wrong policy period or missing a listed endorsement puts the error into every figure that follows.
In practice
The front page of the policy: named insured, property address, coverage limits, deductibles, policy period, and, critically, the list of endorsements attached. Experienced adjusters read it first, because it announces which promises in the base form have been amended.
Related
Endorsement · Wind/hail deductible · AI property claims review · property claims glossary