Do I Need to Buy Homeowners Insurance?
Homeowners insurance is not mandatory in Pennsylvania but most banks or lenders will require you to cover your home for at least the amount of the mortgage.
If you are looking for a homeowners insurance policy, always shop around and compare coverage and price. Homeowners insurance protects your home and your personal property. It may also protect you against lawsuits if someone gets hurt on your property.
What Are the Different Types of Coverage?
Coverage pays for damage to your house and structures attached to your house, such as attached garages. This includes damages to fixtures such as plumbing, electrical wiring, heating, and permanently installed cooling systems.
Coverage pays for damage to structures not attached to the dwelling. These include detached garages, sheds, fences, guest houses, etc.
Coverage reimburses you for damage to or theft of your personal property. This covers things like furniture, appliances, electronics, lawn equipment, clothing, etc. It also protects your belongings even when they aren’t on your property.
Coverage pays for additional living expenses if you can’t live in your home (because of a covered loss) while it’s being repaired.
Coverage protects you, your relatives in the household, and residents in your household under the age of 21 if you are sued and found legally responsible for injury or damage to their property. This coverage also extends to students under the age of 24 enrolled full-time at school or college (with certain exceptions).
Coverage provides coverage for medical bills for people hurt on your property or hurt by your pets.
What Doesn't Your Homeowners' Insurance Cover?
What is covered depends on the policy you buy. There are some common exclusions like flood and earthquake. Be sure to talk to your agent or insurance company about what your policy covers.
The Importance of a Home Inventory
In the event of a disaster or you need to file a homeowners' insurance claim an accurate home inventory gives your insurance carrier the information they need to help settle your claims.
The NAIC has created an app that makes it easy to create a record of all your belongings, including the ability to scan barcodes and upload images.
After The Storm Hits
The days following a natural disaster can be overwhelming and stressful. We have some tips for when it comes time to report a claim for property damage.
Hiring a Public Adjuster
A public adjuster is a person or business that can be hired at a cost by a policyholder to negotiate an insurance claim with the insurance company.
Need More Help?
For more help or to get answers to your insurance-related questions, our Consumer Services Bureau can help! Visit our Need Help page.