When it comes to insurance, many people make the mistake of assuming that all policies are the same. They think that as long as the coverage amounts and deductibles match, they can simply choose the first policy they come across and be done with it. However, this is far from the truth.
What is a Dec Page?
An insurance declaration page also known as a “dec page” summarizes the insurance coverage provided by the policy. The declaration page is usually the first page of your policy, and you should receive a new declaration page for each renewal period.
Why You Don’t Shop Insurance with Your Dec Page
One critical mistake that people often make is to shop around with their declarations page or dec page. It might seem like a good idea to use your dec page as a reference when shopping for insurance, but it’s actually a major mistake.
The reason why shopping around with your dec page is a mistake is that while the coverages might seem the same, the exclusions are usually completely different. Every insurance policy has exclusions, which are specific situations or events that the policy doesn’t cover. For example, if you have a homeowners insurance policy, it might exclude coverage for certain types of damage caused by floods, earthquakes, or other natural disasters.
When you shop around with your dec page, you’re only looking at the coverage amounts and deductibles. You’re not taking into account the exclusions that might be present in each policy. As a result, you could end up choosing a policy that seems to offer the same coverage but actually excludes certain situations that are important to you.
How Should I Shop Insurance?
So, what should you do instead? The best approach is to shop around for insurance by comparing full policy documents. This means that you should request and review the full policy documents for each policy that you’re considering. These documents will include all of the details of the policy, including the exclusions.
By comparing the full policy documents, you can make sure that you’re choosing a policy that provides the coverage you need, without any unexpected exclusions. This approach might take a little more time and effort, but it’s well worth it in the long run. By making sure that you have the right coverage for your needs, you can have peace of mind knowing that you’re protected, no matter what happens.
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