Anyone who utilizes a mortgage loan to buy a property is required by law to maintain Homeowner’s Insurance in Scranton PA and mortgage insurance. The policies are designed to prevent loss for both the property owner and the mortgage lender who is providing the funds for this investment. Another insurance requirement that is common among property owners who have an existing mortgage is flood insurance. This policy is only required if the property is situated within a designated flood zone. However, it is highly beneficial to the property owner as it will provide additional coverage for water damage that occurs inside the property.
What Does Homeowner’s Insurance Cover?
If a fire occurs inside the property, the homeowner’s policy will cover repairs to include that which is needed for smoke damage. Any belongings that are destroyed are covered based on the values designated in the homeowner’s policy. The same is true of natural disasters, hail, and floods. Any damage sustained by a fire or natural disaster is covered completely.
Water damage due to faulty plumbing is covered and allows the homeowner’s to choose new plumbing under the policy in some cases. If the event caused damage to a sink or bathtub, it is covered and replaced through the policy. This could cover weather related instances such as pipes freezing and bursting.
Exterior features such as fencing, carports, and other equipment is covered through the homeowner’s policy. Any damage sustained by the above mentioned events is listed within the policy for these exterior features. As a general rule if it is situated on the property then it is more than likely covered.
Liabilities
If the property owner is also a dog owner and the dog attacks a neighbor or visitor who is within his or her rights to be in the area, the homeowner’s policy will cover the cost of medical expenses for the victim. The same coverage is afford to any visitors who enter the property to perform repairs, postal workers, and children that frequently play in the area. This insurance covers liabilities such as slips and falls that may occur on the property.
