Home Insurance in Norristown, PA

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Use Your Home Insurance To Protect Your Assets

Situated along the Schuylkill River and only six miles from Philadelphia is the beautiful borough of Norristown. From the historic district in Central Norristown to the Norristown Farm Park, community theatres to some of the best dining in the area, it's easy to see why more than 30,000 people call the area home. Popular among young professionals and families alike, the municipality sees home prices that range from $35,000 fixer-uppers to $3 million mansions, with median prices coming in at around $220,000. Of course, whether you're fixing up a hidden gem or just looking for an average place for your family to call home, you'll need quality Norristown, Pennsylvania home insurance. 

Choosing the Right Amount of Coverage

The amount of Norristown, PA home insurance coverage you need depends on several factors. Keep in mind that "coverage" is the top amount you'll receive if something happens to your home. If you have a $250,000 home, $200,000 in coverage is excellent. On the other hand, $200,000 on a $3 million home will leave you paying a lot out of your own pocket if you need to file a claim. Consider, too, whether you have high-end appliances or electronics; whether you need to protect garages, barns, or other outside structures, and if you employ anyone in your home. These are all factors that determine your coverage needs.

On average, your home insurance policy should cover at least 80% of the costs should you need to repair or rebuild. Traditionally, this coverage also pays about 10% toward rebuilding other structures on the property or about $1,000 per item of personal property. Liability protection for the people in your home varies by policy, but you'll likely want additional coverage if you have a nanny or another household employee.

To determine how much coverage you need, you can take inventory of your home and provide it when searching for a policy. This involves several steps.

  • Categorize items by room.
  • Take pictures or videos of each item.
  • Create a written description of each item, including any model numbers.
  • Include the original price, the current estimated value, and any receipts, warranties, or official appraisals you may have.
  • Create several copies. Ideally, you'll have one on your person, one for your insurance company, one with a friend or relative, and one in a fire-proof safe or safe deposit box.

This gives you a realistic idea of how much your home and assets are worth and how much coverage you'll need to truly protect them.

How Home Insurance Is Priced

The cost of your Norristown, PA home insurance can vary greatly depending on several factors.

  • Home Characteristics –When it comes to your home, the price of your insurance will vary depending on how much it would cost to rebuild your home if necessary, the material it is made of, how far it is from a fire department; its age and condition; and whether anyone has had insurance claims on it before.
  • Your Characteristics –Your own characteristics factor into the cost as well. Whether you choose additional insurance, the deductible you choose, whether you bundle your insurance, and your credit score all factor into pricing.

There are additional things that insurance companies take into consideration as well. If you have working smoke detectors and burglar alarms, you may receive a discount. The types of pets you have or if you have a pool or other potentially dangerous outdoor items may also factor into the final charge.

This information is intended for general informational purposes only and is not intended to constitute legal advice.