Home insurance is only required by the bank or lender, not the state of Ohio, Pennsylvania, or any other place in the U.S. Technically, if you have paid off your mortgage, you don’t need to have insurance. However, there are many benefits to having coverage.
Home insurance protects your property from fire, storms, vandalism, theft, and other named hazards in your policy. Not only is your home covered, but other structures like a detached garage are also covered. The belongings in your home are also protected, and they don’t just have to be in the home in order to have coverage. If something is stolen from you while you are on vacation, you can file a claim with your homeowner's insurance provider. Be sure to note the limits on personal property and add extra coverage for jewelry or expensive artwork. If your home is uninhabitable after a covered claim, insurance can also pay for temporary living expenses, which helps lessen the financial burden after a disaster.
Home insurance will also help protect your liability. Accidents happen and getting sued for damages can be expensive. With insurance, you can not only protect the biggest asset of your home, but also other financial assets that can be taken if you are sued after someone is injured on the property or you cause damage to someone else's property.
Besides financial protection, home insurance in Ohio or Pennsylvania also offers timely recovery. Insurance will pay out sooner than other measures, in order to help replace your home faster.
It’s important to talk to your agent at Ruddy Insurance Group to know about some of the exclusions of your policy, so you aren’t caught off guard in the event of a disaster. Homeowners policies won’t cover damage caused by floods or earthquakes. Claims will typically be denied if the damage is due to extreme neglect and faulty maintenance. There are also limits on mold-related situations and your policy could exclude certain dog breeds from being on the property.
Contact Ruddy Insurance Group, serving Pennsylvania and Ohio, to get a quote on home insurance. Also, try our online rating tool for quotes on home insurance from your computer or phone.
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