In Pennsylvania, homeowner’s insurance policies provide adequate protection for residential properties. The policies provide funds to repair damage or replace the property altogether. The terms of the policies define what events are covered by the policy that could lead to property damage. Local insurance companies in North Huntingdon, PA could provide further details about homeowner’s insurance policies.
Differentiating Between True Replacement and Market Value
The market value is defined as the price at which the property would sell in the current market. Since the market fluctuates, the market value will not remain stable or present the same value at all times. However, the true replacement value is the exact value required to rebuild the property. While contractor’s fees also fluctuate, the homeowner could receive a higher value with the true replacement option.
Temporary Housing Funds
At any time that a homeowner and their family are displaced, the homeowner’s insurance policy offers funds to secure a temporary home. The value of the funds is established on the starting date of the policy. The homeowner must file a claim to obtain the temporary housing funds, and they cannot increase the value of the funds after a claim is filed.
Covering Personal and Household Items
Appliances, electronics, and other household items are covered by homeowner’s insurance policies. Select policies provide the true replacement value of any item that was damaged, destroyed, or stolen from the home. When a claim is filed, the insurance provides a lump sum for all items reported.
Coverage for Criminal Acts
The results of a home invasion could lead to significant property damage. Arson and vandalism are other criminal acts that could produce property damage. At any time that a criminal act is reported, the insurance provider must launch an investigation for the resulting property damage.
In Pennsylvania, homeowner’s insurance policies protect the home and fixtures that are connected to it. The policies offer funds for property owners who are displaced during a natural disaster or after a house fire. They also offer funds to replace groceries that were lost during a power outage. Homeowners who need more information from insurance companies in North Huntingdon, PA about the policies are encouraged to contact E.F. Barrett Agency Inc.
