Homeowners Insurance in Saint Mary’s, PA
Whether your home is a new build or an older structure, untimely events could damage—or ruin—your home and belongings. Homeowners insurance gives you the financial protection you need to repair, rebuild or replace your property if you suffer a covered loss. In addition, your home insurance policy can financially protect you against possible liability claims that might occur.
Pacelli Insurance provides residents of Saint Mary’s, Pennsylvania, insurance coverage for their homes. We can evaluate your current protection or start a new insurance policy for you.
What Is Home Insurance?
Home insurance is a package policy, as it covers damage to your dwelling or personal property after a covered loss and your liability or legal responsibility for injuries or property damage you or your family cause to others. The liability portion of your policy also provides coverage for injuries sustained on your property. Additionally, your policy may provide coverage for additional living expenses incurred if you experience a covered loss that forces you from your home. Depending on your situation, additional coverage, called riders, can complement existing coverage and ensure you’re adequately protected. We can discuss if supplemental coverage is needed for your home.
Why Do I Need Home Insurance?
Lenders typically require home insurance and won’t finance a home without coverage. However, even if your lender doesn’t require home insurance, you might want to purchase coverage for the financial protection it provides. Out-of-pocket damages can be costly without insurance, so home insurance is a necessary financial safeguard. We can help you with a suitable policy for your needs—and meet any lender requirements.
What Are the Main Types of Home Insurance?
There are eight types of home insurance depending upon the type of residence. These insurance coverages begin with HO (homeowners) followed by a number to identify the property type. These insurances include:
- HO-1—Called basic form homeowners insurance, this is a basic single home policy with certain limitations.
- HO-2—Called broad form homeowners insurance, this policy is similar to HO-1 but with slightly more coverage.
- HO-3—Called special form homeowners insurance, this is the most popular home insurance policy for single-family homes.
- HO-4—Called contents broad form homeowners insurance, this policy is designed specifically for renters and is commonly referred to as renters insurance.
- HO-5—Called comprehensive form homeowners insurance, this policy follows HO-3 in popularity and is typically used for expensive properties that need additional coverage.
- HO-6—Called unit-owners form insurance, this policy is designed specifically for condominium owners.
- HO-7—Called mobile home form insurance, this policy is designed specifically for owners of factory-made (manufactured) or mobile homes.
- HO-8—Called modified coverage form insurance, this policy provides unique insurance for older homes outside typical home insurance policies.
As noted above, the special form homeowners insurance, HO-3, is the most common homeowners policy for U.S. residents. This insurance is a hybrid policy—your home is covered on an open perils basis, whereas your contents are protected on a named perils basis. We can discuss these two lists of perils so that you know precisely what your policy covers. We can also go over what type of home insurance is applicable for your particular property and what policy can give you the protection you need.
Needed Protection for Your Financial Livelihood
Pacelli Insurance can help you get the coverage you need to protect your home and belongings. Call 814-781-3888 to protect your financial livelihood with a homeowners insurance policy.