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Homeowners insurance is a policy that provides protection against disasters and other issues that can hurt you financially. In most cases, this type of insurance is in the form of a package policy that covers the following:

  • • The structure of your home
  • • Your personal belongings
  • • Liability protection
  • • Additional living expenses, should you be displaced from your home due to disaster

There is no state requirement regarding Homeowners insurance in the state of Pennsylvania and while not a requirement by the state, most often a lender will require it. Even if you own your home outright, Homeowners insurance is a good idea. While most people will never have to suffer through the loss of their entire home and possessions, it can happen. Tornadoes, fires, mudslides and floods are just a few of the things that can destroy a home. If something were to happen, insurance allows homeowners to rebuild without draining their life savings.

Coverage for these things varies depending on your policy. Typically, you can create a comprehensive policy with your insurance agent that provides adequate coverage in the areas you need it. Homeowners insurance ensures that you and your family will be safe from liability issues and property damage. Included in liability issues, typically, is injury or property damage that you or a member of your household causes to another person. Some policies will also include damage caused to other people by household pets. Your home is covered for damage caused by most disasters; however, floods, earthquakes, and normal wear and tear are excluded from homeowners plans. Supplemental policies can be purchased to cover floods and earthquakes.

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