Homeowners Insurance Information
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Pennsylvania is the 9th most populated state in the US. In 2017, 68.3% of that population had homeowners insurance, and there was $12.8 billion in property/casual losses. Although homeowners insurance isn’t required in Pennsylvania, some banks or lenders may require you to have enough coverage to take care of the mortgage of your home.
What Is Homeowners Insurance?
Home insurance protects your house and property even when you’re away from home. Find the right policy for you and your family.
What Does Homeowners Insurance Cover?
Generally, homeowners insurance covers these items:
· Structure or property damage: This coverage provides protection in case an incident occurs to your house or its structures, such as fences and driveways.
· Possessions: This refers to any possessions you own such as electronics, tools, and furniture.
· Bodily injury and property liability: In the unfortunate case that someone is injured on your property, this coverage may pay settlements (if the injured person chooses to sue) and medical bills.
· Pet Bite Coverage: This may pay for the damage caused by your pet.
· Loss of Use: Pays for any additional living expenses required while repairs are being made.
· Personal Injury Coverage: Covers you in the case of slander or libel.
The average cost of homeowners insurance in Pennsylvania is $913 a month.
What Does it Not Cover?
Some insurance is extra and not included in home insurance. Make sure to check with your agent to determine what policy you carry. Homeowners insurance usually does not cover things like flood damage, sinkholes and termite/bug damage. There is also a general limit on items like jewelry, so make sure to speak with your agent if you have valuables that you’d like to insure, as it may not be covered beneath your homeowners policy.
What Are the Different Types of Homeowners Insurance?
· HO1 (Basic Form)
o This is the most basic type of insurance that covers a small list of 11 issues: fire or smoke, lightning, explosions, hail, windstorms, theft, vandalism, damage from vehicles, damage from aircraft, riot and civil commotion, and volcanic eruption.
· HO2 (Broad Form)
o Covers ho1 and often includes coverage for possessions and liability.
· HO3 (Special Form)
o The most commonly used type of homeowners insurance, ho3 includes everything from ho2 and covers items not listed on the exclusions list.
· HO4 (Renters Insurance)
o Renters insurance provides coverage the same perils as ho2 for those renting a living space.
· HO5 (Comprehensive Form)
o This insurance is nearly identical to ho3 except that this policy replaces lost or damaged property instead of giving cash value.
· HO6 (Condo Form)
o Basic home insurance for condo owners.
· HO7 (Mobile Home Policy)
o Coverage like ho3 available for mobile home owners.
· HO8 (Older Home Form)
o This coverage is made for homes 40 years old or older.
What Is the Actual Cash Value Versus Replacement Cost?
When insuring your house and your belongings, you can choose one of two paths: receive actual cash value for the objects lost or receive a replacement. With a replacement cost, the damages will be replaced or rebuilt what you lost. If you opt for actual cash value, you will get money for how much the lost object cost, but this option is subject to the deduction of depreciation. This means the cash value of the object or home goes down over time.
How Much Home Insurance Should I Buy?
The amount of homeowners insurance required relies solely on the homeowner and your needs. There are several different plans and optional coverages that are worth considering to protect you and your home. Talk to your agent today and explore which policy is best for you.
We Can Help
Thank you for your interest in Remco Insurance Services, we proudly insure residents and businesses throughout Pennsylvania and New Jersey. Contact us today at 215.357.7878 to get started with superior service, coverage and the best rates.