Having a comprehensive insurance policy is an absolute must for any homeowner, but finding the right policy isn’t always easy. Getting covered doesn’t have to be a hassle! With Obrella, you can take the stress out of choosing a home insurance policy. Obrella connects you with friendly and knowledgeable insurance experts, whose familiarity with the nuances of Pennsylvania home insurance policies makes it easy to find the best policy for you. They can identify your needs, help you sort through your options, and get you set up with the best policy for you. With just a single phone call, you can choose a policy and even get it bound—hassle-free!
Pennsylvania Home Insurance Costs
The average home insurance premium in Pennsylvania is $804 per year, which is over $200 less than the national average of $1,034. This makes Pennsylvania the 16th least expensive state for home insurance costs.
- Median Home Value: 179,300
- Household Income: 55,173
- Percent of Income on Home Ownership: 26.80%
In Pennsylvania, the median home value is $164,700, and Pennsylvanians spend approximately 28% of their total household income on home ownership. Residents here have a median household income of$52,007. This places Pennsylvania at number 30 when it comes to how much residents spend on home ownership costs across the country.
If you’re just buying your first Pennsylvania home, or have enjoyed your house for years, you know it’s important to have the right home insurance policy. Let one of our insurance experts help you determine if your insurance policy meets all of your needs as a homeowner. Call 855-462-2213 to get a home insurance quote in Pennsylvania today!
How Are Pennsylvania Home Insurance Premiums Determined?
Insurance companies look at a range of factors when determining the cost of your home insurance policy. They start with information about your home and your area, including local building costs, crime rates, the size of your home, and the year it was built. If you live in an area that has a history of natural disasters like earthquakes, floods, or tornadoes, this will impact your rates as well. A range of other factors can also impact your insurance premiums—like your credit score or home add-ons such as a swimming pool, guest house, or private deck.
Why do these aspects matter? They all relate to risk. If your insurance provider determines that these factors make your home riskier to insure, you’re likely to wind up paying more for your homeowners insurance policy. You have the ability to reduce these risks, however. Making your home more secure is a good start. Installing a complete home security system, for example, means your home is less likely to be burglarized, lowering the chance that your insurance company will have to replace stolen items. Even installing motion-sensitive lights and surveillance cameras can lower your risk—and therefore your premium.
About Homeowners Insurance in Pennsylvania
The majority of Pennsylvania home insurance companies have multiple coverage options to pick between; here are a couple of those options:
- HO-1: Limited Coverage
- While an HO-1 policy will cover your home in the event of the first 10 classified disasters—fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption—this type of policy is no longer available for purchase in most states.
- HO-2: Basic Policy
- HO-2 policies are designed to provide coverage in the event that your home is affected by any of the 16 classified disasters.
- HO-3: Standard, most popular
- Aside from minor exclusions, this basic policy provides comprehensive coverage for your home.
- HO-8: Older Home
- As your home ages, its market value may be less than the cost of major repairs. With an HO-8 policy, you’ll receive reimbursements for damage on an actual cash value basis, rather than the full cost of the repairs. Older homes may not qualify for policies that cover the full replacement cost of the home in the event of a total loss.
What Will Standard Pennsylvania Homeowners Insurance Cover?
Home insurance policies usually dictate specific situations that grant you coverage for damages. If damages to your home result from a situation not explicitly covered in your policy, your provider usually won’t reimburse you. So, if your home is damaged in an earthquake, you’ll only be covered if your policy specifies that you have earthquake coverage. Here are some common home insurance coverage definitions to help you determine the coverage you need:
- Coverage A – Dwelling
- Insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
- Coverage B – Other Structures
- Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
- Coverage C – Personal Property
- In the event of damage or loss of personal possessions, Personal Property coverage will compensate the homeowner for the value of the item—be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home—meaning any items kept in a storage unit are covered as well.
- Coverage D – Loss of Use
- If home repairs prevent you from inhabiting your house, Loss of Use coverage can help. This coverage reimburses the homeowner for their living expenses for as long as they are unable to live in their home.
- Coverage E – Personal Liability
- In the event of a lawsuit in which the homeowner is deemed accountable for another person’s injuries or sustained damages, Personal Liability will cover the homeowner’s monetary losses.
- Coverage F – Medical Payments to Others
- If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.
Pennsylvania Insurance Resources
Pennsylvania Insurance Department :Monitors insurance activity across the state. Although Pennsylvania law doesn’t require homeowners to insure their property, many mortgage lenders do. You can turn to the department for help in understanding the insurance marketplace and comparing home insurance policies and rates. If you have questions about homeowners insurance in Pennsylvania, you can call the Consumer Hotline at 1 (877) 881-6388.
Shopping for home insurance can be overwhelming. Fortunately, a simple phone call to an insurance agent can help make your policy options crystal clear. These experienced insurance professionals are here to help you sort through your possibilities and answer all of your home insurance questions. They can even bind your policy over the phone! Don’t get lost or frustrated trying to navigate the home insurance world alone. Trust Obrella to help!
Call 855-462-2213 to speak to a Pennsylvania insurance expert about your home insurance policy needs.