As a Pennsylvania property owner, you should be aware of the Pennsylvania Homeowners Insurance coverages, so you can find the best policy to fit your Pennsylvania Property Insurance needs at the lowest cost.

Understanding Your Pennsylvania Homewoners Insurance

- Dwelling protection: You should carry enough Pennsylvania Homeowners Insurance to equal the replacement cost of your dwelling.

- Self protection: You need enough Pennsylvania Homeowners Insurance liability coverage to protect yourself and your assets from lawsuits resulting from your negligence.

- Lender Requirements: Your lender i.e., bank, may require you to cover the house for at least the amount of the mortgage. You are not required to purchase Pennsylvania Homeowners Insurance from the insurer recommended by your lender.

- Policy Requirements: Insurers may impose some coverage requirements for replacement cost protection for Pennsylvania Homeowners Insurance.

- Contents Protection: You should carry enough Pennsylvania Homeowners Insurance to cover the replacement of all your belongings including furniture, clothing, kitchen utensils, etc.

- Type of Construction: Frame houses usually cost more to insure than brick.

- Age of House: New homes are usually less expensive to insure than old homes.

- Local Fire Protection: Your home's distance from a fire hydrant and the quality of your local fire department determine your fire protection class and affect your Pennsylvania Property Insurance costs.

- Amount of Coverage: The amount of coverage you buy for your house, contents and personal liability will affect the price you pay for Pennsylvania Property Insurance.

- Deductible Amount: Your choice of a higher deductible will reduce the price for Pennsylvania Property Insurance.

- Discounts: Some insurers offer lower prices on your Pennsylvania Property Insurance for things such as insuring your home and car with the same company and installing deadbolt locks or alarm systems.

No matter how much Pennsylvania Property Insurance you carry, no Pennsylvania property insurance policy can adequately compensate you for all your pain, trauma and inconvenience following a fire or theft. To avoid these things from happening, or at least to minimize disruption in the event of a loss:

- Install appropriate smoke detector(s). These can give you early notice of a fire and may save your life. Cost is minimal.

- Practice home fire drills. This will let your entire family, particularly your children, know deposit box or the home of a relative. In the event of a fire or theft, such documentation will be very beneficial in filing your claim.

- Consider purchasing Pennsylvania flood insurance. Runoff water undermining home foundations is not covered on a Pennsylvania Homeowners Insurance policy. Pennsylvania flood insurance will protect this type of loss.

Recommended Pennsylvania Homeowners Insurance Coverages

It is important but enough Pennsylvania Property Insurance to insure your home to replacement cost value because under certain circumstances you may be subject to a recovery amount less than what it would cost you to restore your home to its pre-loss condition.

Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality without deducting for depreciation.

Actual cash value is the replacement cost minus any depreciation (decrease in the value due to age, wear and tear since the time the structure was built or purchased.)

The amount of Pennsylvania Property Insurance coverage you carry is important in the event of a partial loss (a loss less than the total destruction of your home). Most people suffer a partial loss.

One way to help maintain your Pennsylvania Property Insurance replacement coverage is to add an “Inflation Guard Endorsement” to your policy. You should also check with your agent or insurance company at least once a year to make sure your policy provides adequate coverage.

Whether your home is insured for replacement or actual cash value, it is important to keep track of its value. For instance, home improvements and yearly inflation all increase the replacement cost of your home, while the actual cash value of the home may decrease over time.

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As a Pennsylvania business owner, you should be aware of the Pennsylvania Commercial Insurance coverages, so you can find the best policy to fit your Pennsylvania Business Insurance needs.

Pennsylvania Commercial Insurance

The most common types of Pennsylvania Commercial Insurance are commercial property, commercial liability and workers' compensation. In general, PA property insurance covers damages to your PA business property; PA liability insurance covers damages to third parties in PA; and PA workers' compensation insurance covers on-the-job injuries to your employees. Depending on your business, you may want additional specialized Pennsylvania Commercial Insurance coverages. Listed below are some of the different types of Pennsylvania Business Insurance.

Pennsylvania Commercial Property Insurance

Pennsylvania Commercial Property Insurance pays for losses and damages to real or personal property. You can purchase more Pennsylvania Commercial Insurance coverages for business property, including:

Boiler and Machinery Insurance - Boiler and machinery insurance, sometimes referred to as "equipment breakdown" or "mechanical breakdown coverage," provides Pennsylvania Commercial Insurance coverage for the accidental breakdown of boilers, machinery, and equipment. This type of Pennsylvania Commercial Insurance coverage usually will reimburse you for property damage and business interruption losses.

Debris Removal Insurance - Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc.  Your Pennsylvania Commercial Property Insurance will cover the costs of rebuilding, but not of removing the debris.

Builder's Risk Insurance - Builder's risk insurance covers buildings while they are being constructed.

Glass Insurance - Glass insurance covers broken store windows and plate glass windows.

Inland Marine Insurance - Inland marine insurance covers property in transit and other people's property on your premises.

Business Interruption Insurance - Business interruption insurance covers lost income and expenses resulting from property damage or loss.

Ordinance or Law Insurance - Ordinance or law insurance covers the costs associated with having to demolish and rebuild to code when your building has been partially destroyed (usually 50 percent). Pennsylvania Commercial Property Insurance covers only the replacement value, not the upgrade.

Tenant's Insurance - Pennsylvania commercial leases often require tenants to carry a certain amount of insurance. A renter's Pennsylvania Commercial Insurance policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence of your employees.

Crime Insurance - Crime insurance covers theft, burglary, and robbery of money, securities, stock, and fixtures from employees and outsiders.

Fidelity Bonds - A bond company covers losses due to a bonded employee's theft of business property and money.

Pennsylvania Commercial Liability Insurance

Pennsylvania Commercial Liability Insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general Pennsylvania Commercial Insurance liability policy will cover you for common risks, including customer injuries on your premises. More specialized varieties of liability insurance include:

Errors and Omissions Insurance - Errors and omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must actually be an inadvertent error, and not merely poor judgment or intentional acts.

Malpractice Insurance - Malpractice insurance, or professional liability insurance, pays for losses resulting from injuries to third parties when a professional's conduct falls below the profession's standard of care. Pennsylvania Malpractice Insurance is available for doctors, dentists, accountants, real estate agents, architects, and other professionals.

Commercial Automobile Insurance - Pennsylvania Commercial Auto Insurance policies cover the cars, vans, trucks and trailers used in your business. The coverage will reimburse you if your vehicles are damaged or stolen or if the driver injures a person or property.

Directors' and Officers' Liability Insurance - This type of Pennsylvania Business Insurance is generally purchased by corporations and nonprofit organizations to cover the costs of lawsuits against directors and officers.

Pennsylvania Workers Compensation Insurance

Pennsylvania Workers Compensation Insurance covers you for an employee's injuries on the job. Pennsylvania businesses with employees are required by PA state law to carry some type of workers' compensation insurance. In most cases, workers' compensation laws prohibit the employee from bringing a negligence lawsuit against an employer for work-related injuries.

Pennsylvania Business Owners Policy

Rather than purchasing separate Pennsylvania Commercial property and Pennsylvania Commercial liability coverage, many small businesses opt to lump them together in what's known as a Pennsylvania Business Owners Policy (or BOP). For eligible small and medium-sized PA businesses,  Business Owner's Package is a comprehensive package that can be a potential bargain source of insurance.

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