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What Is Homeowners Insurance? Your homeowners insurance policy is a legal contract between you and your insurance company. It protects you against financial loss if there is damage to your home and your possessions and liability in case someone gets hurt in your home or on your property. Keep your policy in a safe place and know the name of your insurer. 

Do I Need to Buy Homeowners Insurance? Homeowners insurance is not mandatory in Pennsylvania but most banks or lenders will require you to cover your home for at least the amount of the mortgage. If you are looking for a homeowners insurance policy, always shop around and compare coverage and price. Homeowners insurance protects your home and your personal property. It may also protect you against lawsuits if someone gets hurt on your property. Below is more information on the different types of coverage a homeowners policy can provide.  *You are not required to purchase insurance from the insurer recommended by the lender.

Let’s Look at Coverage in More Detail Homeowners insurance policies usually contain a package of coverages that offers protection when a peril occurs.

 A peril is the cause of a possible loss, like a fire, that you protect yourself from when you purchases an insurance policy. Dwelling coverage pays for damage to your house and structures attached to your house. This includes damages to fixtures such as plumbing, electrical wiring, heating, and permanently installed cooling systems. Other Structures coverage pays for damage to structures not attached to the dwelling. These include detached garages, sheds, fences, guest houses, etc. Personal Property coverage reimburses you for damage to or theft of your personal property. This covers things like furniture, appliances, electronics, lawn equipment, clothing, etc. It also protects your belongings even when they aren’t on your property. Loss of Use coverage pays for additional living expenses if you can’t live in your home (because of a covered peril) while it’s being repaired. Medical Payments to Others provides coverage for medical bills for people hurt on your property or hurt by your pets. Personal Liability protects you, your relatives in the household and residents in your household under the age of 21 if you are sued and found legally responsible for injury or damage to their property. This coverage also extends to students under the age of 24 enrolled full-time at school or college (with certain exceptions).