Homeowner’s Insurance

Do I really need homeowner's insurance? If you're buying a home and borrowing money, your lender will require you to have an insurance policy to protect against loss of the home or loss of it's value.

Homeowner's Insurance has two forms of standard coverage:

• Property Insurance to protect an individual's home against damages to the house itself, or to possessions in the home
• Liability Coverage to protect against accidents in the home or on the property

Standard Coverage

A standard policy covers perils such as fire, theft, and falling objects. There are three different types of policies, based on the number of scenarios they cover.

Additional Coverage

While a standard policy covers most scenarios where loss could occur, some weather events are excluded. Adding an extra policy for flood insurance is worth considering depending on where you live in Pennsylvania.  It's also worth considering coverage for water backup of sewer and drain, a.k.a. sump pump failure. Many of these types of coverages are very inexpensive and are worth discussing with your agent.

It's best to consult with an title insurance professional to evaluate the available plans and their coverage and cost.