A Guide about Home Insurance

When it comes to obtaining home insurance in Pennsylvania, it is vital to get an overview or guide about home insurance. That way, you can make better decisions in choosing adequate home insurance coverage for you. 

It is not mandatory for you to have homeowner insurance in the state of Pennsylvania. However, most lenders and banks will require it for at least your mortgage amount. Other than that, it is important to get home insurance to protect your personal property and your home. With home insurance, you may also be protected against lawsuits from someone who gets injured on your property. 

What are the Types of Homeowners’ Policies Available? 

Homeowners’ insurance policies typically have various coverage packages that provide protection from loss resulting from perils. There are some policies for condominium owners, single-family homeowners, and renters.

Various homeowner policies are referred to as ‘forms’. A reliable and proven insurance agent, such as Henderson Insurance Agency, will help guide you on which form and coverage packages are right for you. The following includes the names of the forms along with a brief description of what  each usually covers: 

  • Form 2– this is called a Homeowners Broad Form that covers the dwelling, personal property, medical payments, personal liability, and other structures, such as a shed or detached garage or shed.

  • Form 3– this is called the Broad Form policy that covers perils that are named in the policy. Any perils not listed are not covered. In a Broad Form policy, the peril not named is not covered. There is also the Homeowners Special Form (Form 3) that covers damage to structures, your dwelling, personal liability, personal property, and medical payments, and this form is unlike the broad form policy due to how it list perils it will not cover. 

  • Form 4- homeowner’s insurance that the landlord has will not cover your belongings. Referred to as renter’s insurance, this coverage is called the Contents Broad Form that offers protection against theft or damage of your personal property. This coverage is also good by protecting you if someone becomes injured due to your property.

  • Form 5- called the Homeowners Comprehensive Form, this offers wider coverage than you would get from forms 2 and 3 especially when it comes to your personal property.  
  • Form 6- with your renter’s insurance policy, you can request and get a specific amount of coverage that you need for a small premium. The Unit-Owners’ Form (form 6) is for those who own a condominium. 
  • Form 8- this form is called the Modified Coverage Form which is available for those who have an older home in which the rebuild cost is much higher than its market value. With this coverage, policyholders will get similar coverage to the broad form, but it is less coverage.  

For more information about home insurance, Henderson Insurance Agency is the one to turn to. Located in Harrisburg, PA, Henderson Insurance Agency has been providing insurance services for Harrisburg, PA, and surrounding areas for over 30 years now. Contact them today!