Pennsylvania homeowners insurance

Safeguard your investment with Pennsylvania homeowners insurance

Your home is your most precious investment, which is why it must be protected by a dependable Pennsylvania homeowners insurance policy. However, finding quality coverage can be challenging when you have so many options to choose from.  VIU by HUB enables homeowners to review quotes from a number of insurance companies for easy comparison.

Why insurance coverage is important in Pennsylvania

Homeowners in Pennsylvania are fortunately safeguarded against many types of catastrophic storms and other damaging weather events. However, the state is subject to large volumes of rainfall each year, which can cause immense damage to properties.

Damage from harsh winters in Pennsylvania can also be quite expensive for homeowners, with yearly snowfall exceeding 54 inches. Additionally, it's common in the state for snowstorms to continue well into the spring. When combined with higher levels of precipitation during the spring months, an unexpected winter storm may have an even more damaging effect.

Keep in mind that seemingly minor storm damage can still be very expensive to remedy. That's why you must select your Pennsylvania homeowners insurance coverage options carefully. Doing so ensures your property is fully protected, while also preserving your household budget when it comes to insurance costs.

Home insurance costs

A well-designed insurance policy will match the distinct needs and requirements of a property to ensure that insured damage to the home is repaired efficiently. Quality insurance coverage will also prevent you from paying out-of-pocket for home repairs, which can be exorbitantly expensive when damage is severe and comprehensive.

Low cost on average

In Pennsylvania, homeowners usually pay $1,000 per year for home insurance, as compared to the United States average of $1,600. This affordable annual rate places Pennsylvania on the lower end of homeowners insurance costs.

Many variables are factored into the cost

There are numerous factors that dictate the cost of home insurance premiums, including the value of the home, which should match the cost needed to replace it in the event of a total loss. While the average home cost in Pennsylvania is $237,774, some properties may be far more expensive depending on their features and where they're located within the state.

Other factors include how old the property is, whether the home is protected by security systems and the types of features on the property. For instance, a swimming pool increases Pennsylvania homeowners insurance costs because it carries a high liability risk. The deductible amount is another consideration. A higher deductible will reduce premiums but will require out of pocket expenses in the event of a loss.

Home insurance requirements to consider

Unlike some other states, Pennsylvania does not require their residents to purchase homeowners insurance. However, lenders insist that borrowers secure enough insurance to cover the cost of the home loan. This is a protective measure to safeguard the lender’s interest in the event that the property is a total loss.

Additionally, home insurance also spares home buyers from covering substantial damage costs out-of-pocket. Consider what might happen if a bad storm causes extensive roof damage to a property. Without insurance, roof repair or replacement costs may be too much for many homeowners to handle on their own.

While finding the right coverage is crucial, homeowners must also consider their budgets when calculating monthly premiums. In this case, VIU by HUB allows you to easily and efficiently compare different providers to see how costs for monthly premiums match up.

Types of Pennsylvania homeowners insurance 

Home insurance can cover many features of a property. While details can vary greatly from policy to policy, home insurance often affords coverage in specific areas.

Dwelling Coverage

Your entire dwelling is protected by home insurance, including any attached structures like garages. Basic peril forms only apply to covered perils, which will be listed within the policy documents. Common covered perils for homes include storm damage, vandalism, fire, lightning and many others. Broad and Comprehensive forms are also available and should be considered.

Other Structures

Freestanding structures on your property that are covered by your home insurance policy, including detached garages, sheds, fencing, decks and other exterior features, are included for limited amounts of coverage that can be increased if their value is higher than a standard form will allow.

Personal Property

Pennsylvania home insurance also protects your personal belongings within the home. High value items, such as jewelry or musical instruments, may require a special endorsement or separate policy in order to be properly covered.

Personal Liability

In the event that a guest at your home is injured on your property, Personal Liability insurance safeguards you against financial fallout. This insurance covers medical bills and lost wages, while also paying for any legal or court costs that may result from the incident.

Additional coverage in Pennsylvania

There are other forms of coverage that can supplement Pennsylvania homeowners insurance policies. Because of the high risk of flooding in the state, many homeowners are encouraged to secure Flood Insurance. Flooding can cause substantial damage to a home, including structural damage due to wood rot and the growth of toxic mold. Separate Flood Insurance is available in a policy from an insurance company or from the National Flood Insurance Program.

Sinkholes also pose a threat to many Pennsylvania properties, and sinkhole damage isn't usually covered by standard home policies. Fortunately, it's possible to purchase additional coverage for this problem.

This information is intended for general informational purposes only and is not intended to constitute legal advice.

Sources:

Pennsylvania State Climatologist

Pennsylvania Insurance Department Homeowners Insurance Guide

City & State Pennsylvania

Pennsylvania Department of Conservation & Natural Resources