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Friday, February 27, 2009

Tips on Purchasing Philadelphia Home Insurance

By A. Lee

If you live in Philadelphia and have a mortgage, it is very likely that your mortgage lender will require you to have a homeowners insurance. Many states allow the mortgage holders to mandate an insurance coverage to protect the investments made by the mortgage companies as well as protecting the homeowners from disasters that might destroy their homes.

Philadelphia home insurance is a must protection for the huge investment you put in a home. However, before you get insurance get some quotes from different Philadelphia home insurance companies. The cost of this insurance will vary, sometimes quite a bit, even for the same coverage.

You need to research the different types of home insurance to better understand what you need to purchase to protect your investment. The home insurance companies will not all be equal or offer the same coverage for your consideration.

There are a number of terms included in homeowners insurance policy you need to know in order to understand what you need. Some of which will be covered in this article.

Dwelling coverage that covers any damage to your house, out buildings such as sheds and garage. Contents coverage covers all your personal belongings, the cost of replacing these items. Liability coverage protects you financially from claims of injuries from another person. Medical coverage pays for expenses to person injured on your property and if you are a non-smoker and there are other non-smokers in the house will have a bearing on your insurance premiums.

Additional protections will require higher insurance premiums. In some areas these are necessary like earthquake or flood insurance. When looking into the policy homeowners should be aware what is excluded in the coverage. Before making the decision, research carefully the policy as well as the insurance company.

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