Best Homeowners Insurance Agencies in Philadelphia

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Are there any dog breed restrictions in homeowners' insurance policies in Philadelphia?

  In Philadelphia, insurers are allowed to take into account the breed of a homeowner's dog when determining eligibility for homeowners or rental insurance. However, Pennsylvania law mandates that owners of dogs that are considered dangerous must carry liability insurance with a minimum coverage of $50,000. Additionally, insurance policies in Pennsylvania cannot exclude coverage based on a specific dog breed.

• Does homeowners' insurance in Philadelphia cover damage from natural disasters?

  Yes, homeowners' insurance in Philadelphia offers coverage for specific natural disasters. These include floods, landslides, power outages, tropical and winter storms, wildfires, and tornados, which are among the calamities commonly encountered in Pennsylvania. It's important to note that standard homeowners' policies do not generally cover damages resulting from floods and severe storms.

• Are home office damages covered by homeowners' insurance in Philadelphia?

  In general, homeowners' insurance policies in Philadelphia provide restricted coverage, usually up to approximately $2,500 for damage to business property. Additionally, these policies do not cover situations such as customer injuries, income loss caused by home damage, or the theft of client data. To ensure comprehensive coverage for your business, you can opt to obtain supplementary coverage.

• What should you do if your homeowners' insurance claim is denied in Philadelphia?

  If your homeowners' insurance claim is denied in Philadelphia, your options will vary based on the type of claim. For first-party claims without clear misconduct, initiating an appeal with the insurer may be necessary. In cases of potential unfair denials, legal action for bad faith rejection could be considered. Alternatively, for third-party insurance claims that are denied, you have the option to file a lawsuit against the insurance company.

• Is homeowners' insurance legally required in Philadelphia?

  The law in Philadelphia does not mandate homeowners to have insurance for their properties. However, if you have a mortgage, the bank or lender might require you to obtain insurance coverage that is at least equivalent to the value of your mortgage. It is highly recommended to compare the coverage options and costs from various insurance companies to ensure you are getting the best deal that meets your needs.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.