Your home may be one of the largest investment you will make in your life. Surely it is an investment worth protecting. Homeowner’s insurance provides security to your home, your possessions, and your guests. Purchasing Philadelphia homeowners insurance will ensure that you are covered in the event of certain natural disasters, a break in, injuries to guests, and more.
When considering homeowners insurance in Philadelphia, it is important to review your coverage. Common coverage includes:
- Dwelling – This type of insurance covers repair or rebuilding after damage to the actual structure of your home (walls, floors, roof, etc.). Reviewing your policy will keep you aware of exactly what perils are covered. Note: Flooding is typically not covered.
- Other Structures – Other structures on your property that are separate from your house (do not share the same foundation) are protected under this coverage. Sheds, detached garages, fences, and pool houses are examples of “other structures.” It is important to determine whether you need to increase this coverage, depending on how many structures you have on your property for personal (and not business) use.
- Personal Property – This insurance protects your belongings, such as furniture, clothing, and appliances. It is wise to do an inventory of your possessions on which you spent a significant amount of money. This will help you determine how much coverage you need. If you own expensive jewelry, it may not be fully covered under typical personal property coverage. You can opt to increase the liability limit to insure your jewelry under your homeowners insurance policy, or purchase separate coverage for your jewelry altogether.
- Loss of Use – If you need to leave your home due to damage from one of the covered perils, this coverage will pay for your out-of-pocket costs, such as a hotel stay and food expenses. You are entitled to these benefits when the damage renders your home uninhabitable or if you are ordered to evacuate your home by lawful authority.
Philadelphia homeowners insurance also includes protection against personal liability and medical payments to others. If one of your invited guests is injured on your property, you may be liable for those injuries if he files suit. In such cases, this insurance pays to defend you in court and pays a court award up to the limits of your policy. Additionally, homeowners insurance will cover the medical payments associated with the injuries a guest incurs on your property, even if no personal injury suit is filed.
Philadelphia Homeowners Insurance to Fit Your Needs
Although Pennsylvania law does not make homeowners insurance mandatory, a lender may require you to maintain certain coverage as part of the mortgage agreement. Insurance Shops will work with you to obtain the right coverage for your home and belongings. Contact us today for a free quote.
