Home Insurance in Scantron, PA
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Hello from Scranton
As the sixth-largest city in Pennsylvania, Scranton is the cultural and geographic center of the Lackawanna Valley and the northeastern part of the state. For nearly 150 years, Scranton has been a major industrial area with a long history of mining and railroad operations. Historically, this city has attracted immigrants and those looking to start families and build their careers. Nicknamed the Electric City due to the introduction of street lights, it is the site where the first electric-powered streetcars began operations. Healthcare and manufacturing sector jobs can be found here, making Scranton an ideal home base for many today.
The current U.S. President Joe Biden was born and raised in Scranton, and the city was famously fictionized in the American version of the sitcom, The Office. Even if you can’t actually work at the Dunder Mifflin Paper Company, there’s plenty to enjoy and see in this northeastern center of the Keystone State. Scrantonians and visitors alike enjoy one of the country’s largest St. Patrick’s Day parades and a host of local attractions that celebrate the area’s rich history in iron and coal production as well as its diversity. With median home prices rising and approaching the mid $100K, there’s no doubt about the need for homeowner’s insurance in Scranton, PA.
The Scoop on Homeowner’s Insurance
Insurance is a type of protection against major financial loss. A homeowner’s policy provides coverage for expenses associated with repairing or replacement when it comes to your house and its contents. If you’ve financed a home purchase through a mortgage, your lender would require you to have homeowner’s insurance in Scranton, PA. This policy would protect your home and the money lent to you from a catastrophe. Even if you don’t have a mortgage, it’s a good idea to have insurance to offer these protections:
- Dwelling: Expenses associated with rebuilding or repairing your house due to a covered loss such as fire and certain weather events
- Personal Property: Possessions in your home such as clothing, furniture, appliances, etc.
- Loss of Use: Coverage for additional expenses if your residence is uninhabitable
- Other Structures: Detached garages, sheds, mother-in-law suites, poolhouses, etc.
- Liability: Coverage for claims or lawsuits from others due to bodily injury or property damage caused by you or other household members in and around your home
Not many people have the money to pay for major damage repairs or other covered issues out of pocket. If you own a house, you really should have homeowner’s insurance in Scranton, PA.
The Skinny on Homeowner’s Insurance
Although your homeowner’s insurance in Scranton, PA, provides a lot of coverage, most policies don’t cover certain risks such as flooding, earthquakes or windstorms. Your policy shouldn’t be confused with a home warranty, which is a plan that covers repair or replacement for major home appliances from normal use. It’s also different from mortgage insurance which a lender may require if you put less than 20% down when securing a mortgage.
It’s important to understand the following terms as they relate to homeowner’s insurance in Scranton, PA:
- Liability limit: This is the dollar value that your insurance policy is worth. If your home is worth $200,000, your policy should be worth at least that much.
- Premium: This is what you pay out of pocket to have homeowner’s coverage. It may be paid on a monthly, semi-annual or annual basis.
- Deductible: This is the amount of money deducted from a payout in the event of a loss. Typically, you’ll pay a higher deductible for a lower premium, and vice versa.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
Home insurance in Pennsylvania by city
Understand risks, minimum state coverage requirements, average costs and other specifics that can impact home insurance policies and premium rates in your city.
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