Insurance is a complicated business and finding the right homeowners insurance Philadelphia to cover your property may not be as simple as it sounds. There are several different homeowner policies, policies that will cover renters’ property and special policy forms for condominium owners. Having a basic understanding of what each form covers and doesn’t cover will help you make a more informed decision.
Homeowners Basic Form (Form 1) is just that, very basic. It will cover damages burning, rainstorms, criminal vandalism, stealing, broken glass, and liability that is personal. This is the least expensive of the homeowners insurance Philadelphia coverage.
Homeowners Broad Form (Form 2) covers all of the same perils listed in form 1 and then adds building failure, cold and hard freezing, steam from plumbing inside the house, air-conditioning damage, as well as appliances within the home. This form of homeowners insurance Philadelphia is likely the minimum coverage a mortgage holder will accept. If you have a mortgage on your home you will want to check with your lender to see what they require.
Homeowners Special Form (Form 3) covers risk of direct loss to physical structures such as your home and any outbuildings. All perils covered by Form 2 for damage to or loss of personal property and personal liability are the same but more comprehensive and offers more protection than Form 2. However, there are certain specified exclusions such as earthquake and flood. You can purchase these coverages separately. The premium for purchasing earthquake and flood coverage is going to depend greatly on where you live.
Homeowners Form (Form 5) covers the same things as in Form 3 but goes further to provide more comprehensive protection than Form 3. You will want to speak to your agent about the specifics.
Once you have purchase your homeowners coverage and have received the policy you should read it. An insurance policy is a legal contract. If there is something that you do not understand when you read your policy, ask your agent. Your agent is getting paid a commission by the company to represent them and part of that representation is answering any questions you may have.
Homeowners insurance Philadelphia -Troast-Singley Agency can help you save money on homeowners insurance and many other insurance products. Get in touch with them.
