Finding homeowners insurance is easy, anyone can call around, get online and gather up some prices on insurance. Pennsylvania homeowners insurance has become almost as much a commodity as Pennsylvania auto insurance. If you follow a few simple guidelines you will go a long ways toward giving yourself the best opportunity for the best deal as well.
Be aware that some companies offer actual cash value policies... or what is referred to as "functional replacement cost policies." Decide first if you want a policy that will allow the insurance company to dictate what materials are used in repairing your home after a loss. Materials, labor,etc will be determined by the current age of the property that was damaged or destroyed. The term "functional" isn't too hard to understand, to you it may mean that 40 year old hardwood floor will now be covered with carpet. Or the plaster walls will now be sheetrock, etc, etc. If those terms are OK with you then an ACV policy will work just fine.
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For those who don't want to be told what materials, labor, etc they will use the replacement cost policy is the best choice. As long as you move ahead with repairs and/or replacing items the cost will be reimbursed to you in full. Naturally there are always minor exceptions, but this policy has the broadest options and coverage that you will want. To qualify for this type of policy in Pennsylvania you must normally have a home that has been kept "up to date" with electric, roof, heating system, etc. In other words, if you've done nothing to your 50 year old house to update it, don't be surprised if you can't qualify for a replacement cost policy. Assuming you qualify, the home will normally need to be insured for at least 80%-100% of its calculated rebuild cost. What you paid.. or "market value" has very little to do with the rebuild cost. You may be shocked at how much it will cost to rebuild your current home. Keep in mind that nothing is "on sale" after a fire or loss. Things need to be repaired or replaced "now" and the benefit of shopping for a low price are usually lost.
Pennsylvania homeowners insurance rates can vary widely. A few years ago it was much simpler, that was before the advent of insurance scoring and profiling risks in many different ways. It will pay you to check with several companies or an agent who represents several companies to be sure you're getting the best for your hard earned dollars. Look over the state filed rates in your county if you get a chance on the Pennsylvania insurance department's website. You'll find that in many counties across the state that the best Pennsylvania homeowners insurance rates are through regional companies like Erie Insurance and Donegal Group. Best of luck in your search.
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