When you are getting a Pennsylvania home insurance quote it is important to know how much coverage you need to get so that you can get an accurate quote. In order to choose the right policy for you, you will need to understand the typical amounts of coverage provided by most insurance companies, as well as your options for increasing that amount of coverage at an additional cost. This will allow you to get more accurate homeowners quotes in Pennsylvania and make it easier to compare quotes once they have been obtained. Most qualified agents will ask many in depth questions so that they can calculate a rebuild cost estimate for your home. The systems used by many qualified agents will help you insure your home adequately. There are also many instances where you may opt for a “market value” type policy rather than a “full rebuild” policy.
Typical Coverage Amounts
There are many types of coverage that are included in most homeowner’s policies, and these types of coverage have typical coverage amounts. For example, if you want to have your detached garage or other detached structures insured, they will generally be covered for up to ten percent of the value of your home, many times that is 10% of the dwelling amount. Increaseing the coverage for unattached building is relatively cheap so be sure you’ve reviewed the situation and are prepared to carry the correct amount of coverage.
Most policies also cover damage or theft of personal property in the home, and this coverage is usually equivalent to fifty percent of the value of the home. Many of the newer contracts provide 70-75% of the dwelling value in additional personal property coverage. This is another good reason to dig out your policy and have it reviewed. This is one of the most common areas that we find folks are drastically underinsured.
It is important to note that in the case of theft, fire or destruction, you will only receive cash value for your belongings up to that amount, not replacement value. All of these things are important to know before getting a Pennsylvania home insurance quote. Adding replacement cost guarantee to your contents coverage will ensure that you don’t fall victim to having your belongings depreciated in the event of a loss. This is a very affordable coverage that you should never go without. Replacement cost on the structure is also recommended.
Certain items in your home can only be insured for so much. Silver other than silverware is sometimes limited to around two hundred dollars. Silverware is covered at $2,500. Jewelry and furs is limited to around a thousand dollars. This is all you can get for basic coverage if these items are lost or destroyed. Fine arts, guns and other collectible items may also be subject to exclusions and limitations so a good agent will be needed to help you decide how to insure your belongings properly.
Personal liability is another thing to consider in homeowners quotes in Pennsylvania. Most policies cover $100,000 per occurrence for personal liability. Medical payments for injuries that occur on the property are usually kept at around $1,000 per person per occurrence. Keep in mind that if you ever have to use your personal liability coverage your premiums will most definitely increase.
There is also coverage available for additional living expenses in the event that your home cannot be lived in while it is being repaired from a covered occurrence, such as a fire. The amounts of this coverage vary by policy, and there is no set amount that is an industry standard. The minimum amount seems to be equal to 20% of the amount of coverage on your dwelling. The maximum I’ve seen is through Erie Insurance and it’s actual loss sustained for up to 1 year. These are things a good agent will review and adjust to properly cover your families situation.
Getting Additional Coverage
You are not by any means limited to these coverage amounts. You can easily add additional coverage to your policy for an additional fee. You need to specify this desire when you attempt to gather homeowner’s quotes. Determine beforehand how much coverage you want in different areas and then request those amounts when you call or go online for your Pennsylvania home insurance quote.
For example, you can add what is called a floater to your policy to get additional coverage for your belongings. This floater is basically a personal property endorsement that lists each item covered and its value. In this way you can insure your jewelry and other expensive belongings against theft or damage. If you want this type of insurance feature, you need to specify that at the time that you get your Pennsylvania home insurance quote. Any collectibles, valuables or items that you have an above average amount of should be discussed and reviewed with a trusted agent who can offer the proper advice to covering them properly.