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Homeowners Insurance – The Balance Between Coverage and Price

By February 16, 2022April 19th, 2024No Comments

Not all homeowners insurance policies are created equal. Many clients frequently compare homeowners quotes based on price alone, without having a thorough understanding of what coverage is provided. I must stress that it is very important to know if you are giving anything up for the lower price. Too many insurance agents are willing to provide bare-bones homeowners insurance coverage just to get your business on the books. The problem with this is that many of the claims we see are not covered in a bare-bones homeowners insurance policy.

My goal here is to identify several coverages that you should be on the lookout for as they are commonly used and cost very little to add to your homeowners insurance policy in PA.

Buried Utility Lines

How many times have you heard of someone that needed to have their front yard dug up to replace a pipe? We see it all the time. Traditionally, homeowners insurance did not cover this and many people were left paying the bill out of pocket. Many others bought separate coverage through the water company which provides limited coverage at a high price point. Today, most homeowners insurance companies in Pennsylvania offer this endorsement at a fraction of that cost. In addition, this endorsement typically provides broader coverage and higher limits than the policies through the water company.

Water/Sewer Backup

It’s a homeowner’s worst nightmare… you walk downstairs to find that a sewer or drain has backed up into your house through a toilet or sink. The floors are a mess with the grossest slime you can imagine. Your Bounty paper towels weren’t meant for this cleanup. You’ll need to have a professional come in for this. Unfortunately, this can cost in excess of $10,000 and most basic insurance policies don’t provide coverage. Just about all insurance companies in PA offer this endorsement though, and it typically costs very little. Make sure this one is on your homeowners insurance policy.

Roofing/Siding Matching

Many people think that when they have some damage to their roof or siding, the insurance company will automatically replace the entire roof or rewrap the house. That is not always the case. If the wording in the policy allows them to patch the damaged area, they will. However, you can purchase Roofing/Siding Matching with many PA insurance companies which provides extended coverage of $10k or $20k to match the roof or siding all the way around the house.

There are many more homeowners insurance endorsements that could be included on the list. The main takeaway is that you should not just assume every company is providing you equal homeowners coverage. Dive into the coverage package offered on the quote and ask questions of the broker to make sure the coverage meets your needs. Your home is likely your biggest asset. Spend a couple extra dollars for the right protection so you aren’t forced to spend thousands out of pocket when a claim isn’t covered.

Risk Averse Insurance is an insurance agency in Media, PA Delaware County that specializes in providing high-quality insurance products at an affordable price.