The Declarations page(s) is part of the policy documents. To better understand what the declarations page is, it would be better to first describe what the “policy” is. The “policy” is the agreement that states the rights and duties of the insurance company and you, the insured. The “policy” of an insurance company, is the same policy document others receive who are insured with that same insurance company. Each insurance company has its own policy. There are minor differences between each insurance company’s policies. An insurance company’s policy will detail the various types of coverage, what is and isn’t covered. The policy will also include duties after a loss and general provisions and start with definitions of key insurance words in the policy.
The insurance “declaration page” is unique to each person, or family, insured with the insurance company. The declarations page is what relates you to the insurance company’s policy. The insurance declaration page simply identifies who is insured, what is insured, when the policy takes effect, where the property is located, how much coverage is provided, and which package was selected. The name “declarations page” might infer that it is just one page long, but it could be several pages long. The pages will be numbers, for example, page 1 of 3. If a bank or mortgage company wants to see proof you have insurance on your vehicle, or house, you will want to find and forward all the pages of the declarations page. Make sure the declarations page is current and the end date is in the future.
If you own property in Colorado or live in Colorado, Elkstone Insurance Group, Inc. is an independent insurance company offering auto, homeowners, renters, landlord, condo insurance from several insurance companies and can shop for the best coverage and rates. Contact us, call Insurance Agent Martin Sajbel at 303-716-0970 to receive an insurance quote.
UMBI is the coverage on your policy that would pay toward you, family members or passengers in your vehicle if someone else was at-fault in the accident and didn’t have any, or enough BI (Bodily Injury) coverage. Typically the at fault driver should have insurance, but as you know in Denver and Lakewood Colorado, there are many drivers that operate vehicles without insurance or have the state minimum BI limits. Colorado’s State Minimum for BI is only $25,000 per person and if there was more than one passenger, no more than $50,000 per accident. This isn’t enough coverage if you and other passengers were seriously hurt or killed by a driver with this “legal” amount of coverage.
This UMBI coverage would kick-in and pay for you and your passengers’ injuries, pain and suffering, death benefit, loss of income, disability and more if the other at-fault driver had little or no BI coverage. In Colorado you can’t have more UMBI coverage than you have BI coverage but you can have the same amount. So good insurance agents make sure people have the same amount of coverage for both BI and UMBI. Be wary of agents that don’t include this UMBI coverage on your quote or policy to try to cut the price of the total premium unless you request not to have UMBI. UMBI coverage can be easily overlooked as it a policy coverage (not assigned to any particular vehicle) and is shown as a separate line item premium on the policy. UMBI’s premium is added with the total premiums from each vehicle to make up the total auto policy premium.
The description of the UMBI coverage above is just a general description of that coverage. Refer to your insurance policy to see what your UMBI covers. Elkstone Insurance Group, Inc. offer insurance from several insurance companies in Colorado. If you would like a free review of your Colorado auto and homeowners insurance coverage, call Independent Insurance Agent Martin Sajbel of Elkstone Insurance Group, Inc. at 303-716-0970.