You do not have to buy a home insurance policy in the State of Pennsylvania. However, most mortgage lenders require one as a loan condition. Consider many different coverage levels based on your home's construction and age. Pennsylvania insurers offer many policies to choose from. Policies are available for single dwelling homes, mobile homes, condos and even rental properties.
You should work with a handful of agents to learn the best coverage for your home and needs. Also remember to include property like jewelry, furniture and appliances in your replacement value numbers.
Comparing Pennsylvania Home Insurance Rates
Several factors decide how much you pay for a homeowner’s policy in the state. Many things affect the cost of the policy, including the location of the home and the replacement value of your items. Other structures on the property, such as a detached garage or storage shed, may play a role in how much you pay for coverage.
Other things that affect the cost of a policy include:
- Amount of the deductible.
- Number of claims you have filed in a certain amount of time.
- Presence of a security system on the property.
You can enjoy a discount on your premium by choosing a bundle package. Purchasing your auto and homeowners insurance through the same company will often yield large savings. Some companies also offer discounts through college alumni associations.
You choose the deductible when you purchase a policy. Choosing a lower deductible will result in higher payments each month, while a higher deductible keeps payments more manageable. Flood insurance is not part of a standard Pennsylvania insurance policy; however, you can purchase it through FEMA's National Flood Insurance Program.
Pennsylvania Weather Disasters
Storms occur during the year in different forms, from rainstorms in the summer to blizzards in the winter. These storms can do significant damage to homes, often resulting in fallen trees and potential roof damage. The right policy covers repairs and replaces damaged personal property. If your home suffers irreparable damage, coverage for added living expenses comes with most policies. This allows you to live somewhere else in the event you can't sustain your normal standard of living.
Frequently Asked Questions About Pennsylvania Home Insurance
Here are common questions people have when looking to purchase a Pennsylvania homeowner’s policy:
1. What are liability claims?
If an injury occurs on your property, the victim may sue you for damages. You also face a potential lawsuit if someone's property suffers damage on your property and it is your fault.
2. What is the difference between replacement value and actual cash value?
Replacement value refers to what it costs to replace, or repair damaged property without considering its depreciation. Actual cash value is the replacement cost minus depreciation. Depreciation is the lessened value of property due to age and natural wear and tear.
3. Can an insurance company cancel a policy for non-payment?
As with non-payment of any debt, you face repercussions if you do not make payment, or fail to make payment on time. It is your responsibility to pay your premium at the agreed upon dates or make sure your mortgage company is paying your premium. Some people choose to have homeowner’s insurance costs built into their monthly mortgage payment.
4. Can an insurance company cancel a policy because of excess claims?
Your insurer may not cancel your policy if you have too many claims. However, the company can ask you to make home improvements if you have too many claims for the same problem. If you don't make these upgrades, the company then has the right to cancel your policy. An insurance company also has the right to inspect your property and ask for repairs and upgrades.
How to Get Great Rates on Pennsylvania Home Insurance
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Pennsylvania Home Insurance Resources
PA Department of Insurance
An insurance resource for Pennsylvania residents