Pennsylvania homeowners insurance
Homeowners insurance is not a legal requirement in Pennsylvania. However, there are a number of good reasons why you may be required to maintain active insurance. For example, it may be a condition of your mortgage loan or other loans are secured against the property. If you rent rather than own your own home there may still be a requirement to maintain adequate homeowners insurance as part of your rental agreement.
Even in circumstances where homeowners insurance is not mandatory for your Pennsylvania property you should not automatically discount the possibility of purchasing such a policy. There are many benefits of doing so even when renting as landlord insurance may cover the physical building but will not cover personal belongings. However, if you are a homeowner then it is strongly advisable.
So why exactly is Pennsylvania homeowners insurance such a good idea? Well the problem is that many people think that ‘it will never happen to me’ whether referring to natural disasters such as floods and hurricanes or other difficulties such as burglary. It is only when your home has suffered expensive damage or your personal belongings are destroyed or gone that you realize the importance of such coverage.
Depending on your homeowners insurance coverage it will usually cover your home itself as well as the essential internal workings such as plumbing and electrics. In addition, most homeowners insurance will cover any personal belongings of value such as furniture, white goods and expensive clothing.
You should be aware that different insurance companies will require different levels of evidence of belongings that you wish to be covered. This usually depends on the value of the items involved but it is worthwhile checking when (or before) you take out your policy and ensuring that all insured items are documented accordingly. You should check online to get all your options.
If you have particularly rare or valuable items such as antiques or classic vehicles (for example) it is worthwhile gathering such value evidence before rather than after a claim. It is also important to regularly review the value of these items as they can change over time.
There are a number of other related insurances or additional options that may or may not be mandatory with your particular insurance company. For Pennsylvania homeowners even when not mandatory it may be worthwhile considering (for example) hurricane or flood coverage for your home. Should you be faced with such a situation you are at least assured that you have insurance to cover some of the costs involved in repairs to your home.