Acquiring a Pennsylvania homeowners insurance quote during the process of buying a home is an important step.  Homeowners insurance is required by many lenders in order to close on a home and it also gives people peace of mind.  Keep in mind these tips when shopping for your policy to ensure your home is well protected and you are not left with huge bills to pay out of pocket.  There are at least three different homeowners policy types ranging from adequate coverage to an “all risk” form that is the cadillac of policies. A trusted, independant agent would be a great source of information to help you decide which is best for you. Keep in mind that “captive agents” or agents who only represent one insurance company are not nearly as able to offer you as many choices.


Flood insurance is generally separate


Policies applied to homes cover a variety of damages that may occur.  Events such as fire, fallen trees, burglaries and other traumatic or catastrophic occurrences are all generally covered by a homeowners policy.  Floods have historically not been covered because of the unique circumstances under which they occur and the extensive damage that they can cause.  A flood can create thousands or even hundreds of thousands of dollars in damage.  When you go to sign up for a policy, make sure you talk about flood insurance coverage with your agent.  Even if you decide not to add it, the information is good to have just in case.  Flood insurance rates are governed and regulated by the NFIP (national flood insurance program) and are all the same no matter which company provides your flood coverage. A good bet would be to use a respected agent who has a reputation for looking out for their clients.


Do not forego insurance to save money


Some individuals who own their homes outright may forego buying insurance because it is not required and to save money.  This is the largest mistake a person could make.  A home is one of the single largest investments a person will make in their lifetime.  Just because a home is stationary does not mean damage cannot occur in one form or another.  Any number of events can take place such as a storm, down power lines that cause fire, faulty wiring, gas leaks that cause explosions, or the driver of a car that runs into your home.  The idea is that you never know when damage will occur to a home and having a policy in place to repair damages will save you from paying huge sums out of your own pocket.  At the very least, a homeowners policy with a very high deductible will save you a great deal of money and still provide valuable coverage in teh event of a disastrous loss. Many times a 2500 or 5000 deductible will reduce premiums by as much as 50% or more. 


Escrow your payments


When an individual buys a home, they have the option to escrow or set aside payments for certain expenses related to the home.  Payments for property taxes and homeowners insurance are two common expenses that a mortgage company will set up an escrow account for.  It is very wise to do this so that insurance does not lapse on a property.  For financed properties, a homeowner will not end up uninsured but may end up having a policy forced onto the home, which could mean significantly more expense than the policy they originally shopped for. 



A Pennsylvania homeowners insurance quote from a reputable insurance agent can show you your options for coverage as well as give you an opportunity to seek out other information.  Asking about additional coverage such as for flood damage is an example of ancillary coverage that will benefit you.  Keeping a policy going even though it is not required by a lender and escrowing payments if your home is financed are also very wise decisions.  Insuring your home against loss and/or damage is one of the most important things you can do for your future.