Homeowners who still owe a balance on their mortgage don't even need to question their need for homeowners insurance. Lenders usually require proof of coverage because they want to make sure that their investment is protected against typical hazards.

Most homeowners who are lucky enough to have their mortgage paid off still usually keep their coverage because they want to protect their own asset.

What Do Home Insurance Policies Cover?

Without this coverage, the homeowners will be totally responsible for the cost of repairs or rebuilding if the home gets damaged. Besides just covering the actual structure, typical policies also contain other kinds of coverage. These include:

  • Liability: If somebody claims that a homeowner's negligence or purposeful action caused them to suffer from property damage or an injury, liability helps defend them or pay the claim. Some examples of covered claims include dog bites and injuries sustained from slipping on a wet floor.
  • Contents: Besides just protecting the home structure, policies can also cover the personal items homeowners have stored around the house. Covered items might include clothes, kitchen appliances, computers, jewelry and TV sets. If the contents of an average home had to be replaced, it would cost several thousand dollars.
  • Loss Of Use: Most policies also offer loss of use coverage. If the home is damaged because of a covered event, this part of the policy can help the residents pay for temporary housing while the home is rebuilt or repaired.

As a note, some homeowners insurance policies don't cover damage sustained during a flood or windstorm. If a home is located in an areas where these issues occur frequently, an agent can help homeowners find proper sources of this coverage.

Who Needs to Cover Their Home?

People who own houses, condo units and other kinds of housing usually need homeowners insurance. People who own the home that they live in usually consider that home their largest asset. If the house is used as rental property, the owner should still buy landlord insurance, which is a type of homeowners insurance. Renters also can get covered with renters insurance. These different kinds of coverage are slightly different, but an insurance agent can help consumers obtain the right kind of coverage and shop around for affordable rates.

Get the coverage you need. Call Blue Marsh Insurance at (877) 627-7480 for more information on Pennsylvania home insurance.

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