Pennsylvania Homeowners Insurance
Homeowners Insurance in Pennsylvania: Complete Consumer Guide
Are you a homeowner in Pennsylvania or considering purchasing a home in this state? Here are some fun facts about your home state. The first baseball stadium was built in Pittsburgh in 1909. Hershey, Pennsylvania, is considered the chocolate capital of the U.S. The first newspaper was published in Philadelphia in 1784. The first American flag, made by Betsy Ross, was made in Philadelphia, which is home to the cheesesteak sandwich, water ice, soft pretzels and TastyKakes. Steel manufacturing is a big industry in Pittsburgh. Philadelphia used to be the capital of the U.S. The U.S Constitution was written in Pennsylvania and the Declaration of Independence was signed here. Famous Pennsylvanians include Taylor Swift, Kobe Bryant, Will Smith and Tina Fey.
Types of policy for Homeowners Insurance in Pennsylvania
There are eight types of home policies, but we only listed the ones for homeowners and condo-owners. There are different levels of protection you can choose from too if you own a house, HO-3 being the most popular across the country.
HO-1 This insurance form is known as the “basic form.” It covers the 10 most common perils. But you won’t be able to find it everywhere. Some insurance companies do not offer HO-1 forms.
HO-2 This form is called a “broad form” and provides more limited coverage. But it still provides more coverage than a HO-1 basic form.
HO-3 This type of insurance form is the most popular and widely purchased. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include falling objects, the weight of ice, snow or sleet on your home, water damage, fire, smoke, lightning, windstorm, hail, explosions and vandalism.
HO-6 This type of insurance form is for condominium units. This type of coverage is usually “walls-in” coverage and may protect a condo unit’s walls, ceilings and floors. The HO-6 insurance form also includes coverage for the condo owner’s belongings.
HO-8 This kind of insurance form is for older homes and covers 10 perils. The HO-8 form is paid on an actual cash value, which is the cost of the home items minus depreciation.
What factors affect rates on homeowners insurance in Pennsylvania?
Many factors may affect homeowners insurance rates. Whether or not you bundle will make a big difference, but the most important factor is what your home is made of and how much it will cost to rebuild, which is different from the home’s current value. Your credit score will impact your rate as will crime rates in your neighborhood and more.
Top 5 disasters in the State of Pennsylvania
Pennsylvania federally declared Flood as the most common disaster with 26 counts since 1953, followed by Severe Storms, Hurricane, Snow, and Biological disasters. Here are the top 5 federally declared disasters in the state of Pennsylvania:
Source: Federal Emergency Management Agency (FEMA)
How much is homeowners insurance in Pennsylvania?
The average price of homeowners insurance is $1,003 a year in Pennsylvania. Many factors can change these rates, however.
Source: The average cost of homeowners insurance by state, Business Insider.
Crime Rate: Is Pennsylvania a safe state?
|2019 Crime in Pennsylvania||Crime Number||Crime Rate*|
*Rate per 100,000 inhabitants
Safest Cities in Pennsylvania by Property Crime*
- Adams Township, PA has a population of 14,330 with a Property Crime rate of 1.4 per 1k. The city average home value is approximately $488,807.
- Upper Providence Township, PA has a population of 10,437 with a Property Crime rate of 2 per 1k. The average home value there is about $428,750.
- Buckingham Township, PA came in third as the safest city in the state of Pennsylvania and has a population of 20,279 with a Property Crime rate of 2.7 per 1k. Its home value averaged at about $542,877.
- Lower Salford Township, PA has a population of 15,534 with a Property Crime rate of 3.2 per 1k. Its average home value is $371,154.
- Northampton Township, PA has a population of 39,171 with a Property Crime rate of 3.3 per 1k. The city home value averaged $485,481.
*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.
Compare Home Insurance Rates in Pennsylvania
Top homeowners insurance companies in Pennsylvania
Amica is highly rated in Pennsylvania, especially for their customer service. They offer comprehensive support, access to claims representatives 24/7. They also have an easy to use app and online portal with chat functions that may be helpful. Policies with Amica are a bit less expensive than the others but they do not help you estimate your rebuilding costs so you’ll need to pay for that out-of-pocket. The cost to rebuild is different from the value of the home.
Lemonade Insurance is relatively new on the scene but is becoming popular in Pennsylvania. With each premium, Lemonade sets aside an amount of money left over from money not used for claims as a donation to a charity of your choice. You may also be able to get a pretty low rate with Lemonade.
Allstate is always a safe bet for homeowners. They offer more discounts than their competitors, with unique ones like early signing discount and home buyer discount, which will really lower your auto insurance rates if you bundle.
Pennsylvania Home Insurance FAQs
Can you change homeowners insurance after closing?
You often have to pay a year’s worth of insurance before closing. Depending on the insurer you, you may get refunded when you switch but may incur a penalty. It’s best to shop around well before closing, and avoid allowing the lender to choose a policy for you.
Does home insurance cover sinkholes in Pennsylvania?
Sinkholes are usually not covered in any state because it’s considered an “earth movement,” which is typically excluded in most policies. Earthquake is another “earth movement” that is only covered with a separate earthquake insurance policy.
How do you change homeowners insurance with an escrow account?
Alert your mortgage servicer so that your escrow funds will pay your policy premiums. Buy a new policy before canceling your old one. You don’t want a lapse in coverage.
Get a Free Home Insurance Quote Online Now.
At the top of the list, is reviewing insurance policies. Are you getting the coverage you need at the price you want? If not, it may be time to change policies. Need a different price? Shop around for better offers.
Gutters and downspouts work to navigate water flow off the roof so that there is no standing water that can lead to complications such as rotting wood, rotting fascia and foundation cracks
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Do you hear gurgling or trickling noises from the toilet? Does water drain more slowly than usual? Do you have a sink hole in your yard suddenly? Is your grass suddenly vibrantly green in patches?
If you're a new homeowner or if you simply decided to look into what homeowners insurance covers, you probably have a few questions about your policy. We have answers.
Keep in mind that in order to get paid for the tree removal you will have to first pay your deductible. Your deductible costs anywhere between $250 and $1,000 so it may make sense for you to pay for the tree removal out-of-pocket. Also, your rate may go up if you file a claim. Is it worth it?
With all the benefits that come with owning a swimming pool there are also risks, which is why swimming pools are often called “an attractive nuisance.” According to the Centers for Disease Control and Prevention (CDC), approximately 10 people die from unintentional drowning.
Mortgage payments and possibly a homeowners warranty aren’t the only costs of owning a home. Nope, it doesn’t end with taxes and homeowners insurance either. Most people who set out to buy their first home are in for a surprise when the closing date approaches and they learn that they owe all sorts of money for the house they just bought.
Homeowners insurance was not designed to cover small or even big fixes, but to repair damage that is covered under the stipulations of your policy. In fact, you may end up paying more in monthly premiums if you file a claim that gets rejected. For this reason, we advise you to fully review your case and your policy to see if you’re covered before filing a claim.
Homeowners insurance is an important protection to have even when it’s not required for a primary home, a vacation home or condo.