Of course Pennsylvania homeowners insurance | pennsylvania-insurance.net is not mandatory by law. However, if you have a mortgage against your property many companies will insist that home owners insurance is purchased and maintained. This is to protect their investment in the property so they know that in the event of fire, flood or damage of any kind that may affect the value of the property insurance coverage will resolve the problem.
There are certain other circumstances where you may be required (but not legally) to purchase homeowners insurance. For example, if you rent your property and your landlord does not wish to take out separate landlord insurance it may be a part of your lease that you have your own coverage.
Whether or not you are required to have homeowners insurance in most circumstances it makes sense to do so. Depending on your homeowners insurance coverage you will usually be covered for damage to your home itself, internal systems such as plumbing and electrics as well as any personal belongings of value within the house such as furniture, electrical goods and clothing.
There are a number of specialist insurance covers in Pennsylvania as there are in many other States. For example, if you live in an area that is likely to be at risk from floods or tornadoes. However, sometimes it may not be possible to find insurance for these due to the level of risk involved being too high for an insurance company to take on. Damage from natural forces can often be very expensive but insurance can sometimes be found that will cover you for these circumstances.
If you do purchase homeowner insurance it is a very good idea to ensure that you list all items of value within your home before getting an insurance quote. This way you can ensure that when you do purchase your insurance everything of value in your home is covered. This is particularly important if you have particularly valuable or difficult to replace items such as antiques, valuable art pieces and other items of value such as expensive wines or champagnes purchased as an investment.
In addition, where possible you should keep receipts and records for items purchased to make it easier to estimate their value. Ideally, take photographs of all of your valuable items as some level of proof that you do actually own them. This is a particularly good idea for items such as jewelry as it can be very difficult to value at a later date and may (or may not) have altered in value since purchase.