Why Should You Have Home Insurance?

There isn’t a law in Pennsylvania that says you have to have home insurance. However, your lender will require it. Even after you pay off your mortgage, it’s a good idea to keep your home insurance, in order to protect your home and your belongings inside.

What Does Coverage Include?

A home insurance policy in Northeastern, PA will provide coverage for the home, and the policy will pay to repair or rebuild the house for a covered loss, such as damage resulting from lightning, fire, or hail. Some events are not covered, however, such as floods. Many policies will also cover detached structures on the property like a garage or shed.

The second part of the policy is for personal belongings. These include furniture, clothes, and sports equipment that is covered under the same events, or if the belongings are stolen. These belongings don’t need to be in the home to be included and can be covered anywhere in the world. Coverage for belongings is usually 50 to 70 percent of the amount of insurance on the structure, so you need a rider or additional insurance for expensive items, such as jewelry.

The third part is liability coverage, which will protect you from lawsuits for property damage or bodily injury and covers you and others family members. The last part of coverage is for additional living expenses that can occur if you must live away from your home while it is being repaired, or if it is uninhabitable because of damage. This covers restaurant meals and hotel bills. An agent at The Tyson Agency can go over coverage details with you.

Levels of Coverage

Pennsylvania home insurance policies can have different levels of coverage. The actual cash value will pay to replace your home, minus depreciation. Replacement cost coverage will pay for the cost of replacing possessions without depreciation. Since they offer more, replacement cost plans can cost more.

Contact The Tyson Agency, serving Northeastern, PA, to get a quote on home insurance. We look forward to working with you!