Changes in Homeowners Insurance in 2025

Inflation has been bad across the country. No wonder insurnace has been tougher on underwriting, but what does that mean for consumers?

With the increases in homeowners rates we get calls for new homeowner insurance quotes for existing homeowners. Existing homeowners have insurance that is already put in place on their home. This insurance has been put in place for years and the home was underwritten and inspected years ago.

To start a new insurance policy means new underwriting and new inspection.

Which means the property you own will be reviewed for insurability.

Which means it may not be the best risk now, and the underwriting guidelines and policy documents has changed. Even the types of coverages and dedutcibles may have changed.

More often to rewrite an existing home insurance policy the prices are higher, with non comparable coverages as well as potential for repairs needed to make your property more insurable or meet underwriting requirements.

Overall, homeowners insurance rates did increase. A lot of it has to due to inflation on cost of labor and materials. The amount of door-knocking roofers in the southern states after a storm has surely costed insurance companies much more and also has caused them to tighten up on underwriting properties and areas.

Higher standard deductibles are the new norm with homeowners insurance. Starting at at least $1,000 and wind/hail deductibles at 1%.

Roofing schecdules are the new normal as well. Which basically means your roof is on a depreciaion scheudle and depreciation will be deducted before a cliam is paid out based on the age and wear of the roof.

Insurance is to make you whole again after a loss, so if you had an older and worn roof then we would take that into account with your claim.

Things that insurance companies are still looking for? Roof age and roof type. Handrails. No debris in the front or back yard (show pride in homeownership). No chipped or peeling paint on the facia, soffit or windows.

When buying a home think about how the insurance company would evaluate a risk for safety (liability) and the chance of a future claim (already damaged or worn products on the home).

If you need guidance on the insurance side of your homebuyuing process please call us at William Penn Insurance LLC! 717-900-8658

What kind of Business Insurance do I need?

Navigating the Maze: Understanding Different Types of Commercial Insurance Policies in Pennsylvania

As a business owner in Pennsylvania, you're likely juggling a million things at once. From managing your team to serving your customers, your plate is full. One crucial aspect that often gets pushed to the back burner – but shouldn't! – is commercial insurance. It might seem complex, but understanding the different types of policies available is vital for protecting your hard work and securing your business's future.

Think of commercial insurance as a safety net for your business, designed to cushion the financial blow from unexpected events. Just like individuals have different insurance needs, businesses do too. Let's break down some of the most common and essential types of commercial insurance policies offered by William Penn Insurance LLC:

1. General Liability Insurance (GL): Your Foundation of Protection

This is often considered the cornerstone of commercial insurance. General Liability protects your business from claims of bodily injury or property damage caused by your business operations, products, or on your business premises.

• Imagine this: A customer slips and falls in your store, or your employee accidentally damages a client's property while on a service call. GL insurance from William Penn Insurance LLC can help cover the resulting medical expenses, repair costs, and even legal fees if you're sued.

2. Commercial Property Insurance: Protecting Your Physical Assets

If your business owns or leases physical space, equipment, inventory, or furniture, Commercial Property insurance is essential. It helps cover the costs to repair or replace damaged or lost property due to events like fire, windstorms, theft, and vandalism.

• Think this through: A fire breaks out in your warehouse, damaging your inventory and equipment. Commercial Property insurance from William Penn Insurance LLC can help you rebuild, replace your lost goods, and get back on your feet.

3. Commercial Auto Insurance: Covering Your Business Vehicles

Just like your personal vehicles, any vehicles your business owns, leases, or uses for work purposes need commercial auto insurance. This policy provides coverage for accidents, property damage, and bodily injury involving your business vehicles.

• Consider this: Your delivery van gets into an accident while making a delivery. Commercial Auto insurance from William Penn Insurance LLC can help cover the costs of repairs, medical expenses, and potential legal liabilities.

4. Workers' Compensation Insurance: Protecting Your Employees

If you have employees, Workers' Compensation insurance is required by law in Pennsylvania. It provides benefits to employees who suffer work-related injuries or illnesses, covering their medical expenses and lost wages. William Penn Insurance LLC can help you meet this legal requirement.

• Picture this: An employee gets injured while operating machinery or develops a repetitive strain injury from their work. Workers' Compensation ensures they receive the necessary medical care and financial support without the need for lengthy legal battles.

5. Professional Liability Insurance (Errors & Omissions Insurance - E&O): Safeguarding Your Services

This type of insurance is crucial for businesses that provide professional services, advice, or design work. It protects against claims of negligence, errors, or omissions in the services you provide that cause financial harm to your clients.

• Think about this: An accounting firm makes a critical error in a client's tax filing, resulting in financial penalties. Professional Liability insurance from William Penn Insurance LLC can help cover the client's losses and your legal defense costs.

6. Cyber Liability Insurance: Addressing the Digital Risks

In today's digital age, Cyber Liability insurance is becoming increasingly important. It helps protect your business from financial losses resulting from data breaches, cyberattacks, and other cyber threats, including notification costs, data recovery, legal fees, and business interruption.

• Consider this: Your company's customer data is compromised in a cyberattack. Cyber Liability insurance from William Penn Insurance LLC can help you manage the costs of notifying affected customers, recovering lost data, and dealing with potential lawsuits.

Who needs to be listed on my car insurance?

Who needs to be on my car insurance as a driver

Everyone who drives the car should be on your car insurance policy as a driver, as well as everyone that drives your car regularly should be on your car insurance as a driver. 

Everyone that lives in your household should be listed on the car insurance policy  as a driver or as an excluded driver(meaning a non driver). All household members have to be listed if they are over the age of 16 because they have access to the vehicle to use as transportation, even if they are not licensed they are of age and physically could operate the vehicle so they have to be listed as a non driver on the insurance policy until their driving status changes to an actual operator.  You list them as excluded on the car insurance if they do not drive the car at all, or do not have a license which means that they have no coverage if they actually would drive your car and cause an accident. 

Here is an excerpt from a carrier describing who should be listed on the car insurance policy;

 “You must list yourself, your spouse and any person who drives any vehicle on this policy regardless of whether that person lives with you. Please include any relative who resides in your home, is of legal driving age or has a permit even if he or she doesn't drive any vehicles. Also, please include any child who lives away from home and drives a vehicle on this policy, even if only occasionally.”

Why must everyone that drives must be listed, not just the owner of the car?

Insurance pricing is based on your risk profile. The likelihood of you having a claim. As your likelihood increases or decreases then your insurance can increase or decrease. 

If a driver you know is driving will severely impact the rate; young driver or driver with prior accidents and tickets. And materially withholding that information can result in legal action by the insurance carrier. 

It is better to protect yourself and A. not let anyone drive your car or B. Add all drivers to your policy. That way you have a clear conscience on making sure your car is properly protected in any circumstance. 

Homeowner Insurance MUSTS when you are buying your first home!

OK OK the excitement is too much to handle!! You are buying your first HOME! All of the paperwork required by the bank, the interest rates and the confusing closing costs sheet. So much to do and the only thing you can think of is what color to paint your new living room! 

You are creating your family legacy; settling down in your first home. Giving your kids a solid ground of where you stay and you creating generational wealth in the meantime! 

This. Is. Exciting!

Congrats! The best thing you can do for your family is buy your own home! 

As you fumble through all the bank requirements, realtors, lenders...close to the end of closing you have to find your homeowners insurance! 

With everything going on it's hard to concentrate and make sure you make the right decision. 

You know how many people tell me they do not know who their homeowner insurance provider is?

One thing for sure you have to make sure you have these coverages;

1. Water and sewer back up - this is essentially coverage if your drains back up into the house. This has happened when sump pumps fail, or when lines are too clogged. Essentially water gets into the basement of your home and ruins everything in its path. I have seen this happen more often than any other claim. So it is very important you get this endorsement on the policy.

2. Loss of Use (what the heck does this even mean!) If there is a claim at your house and you cannot stay there due to a lot of damage and or construction; the insurance company will help lodge you. Finding and assisting with lodgings during a claim to help keep you and your family safe like nothing happened. 

3. Service Line Coverage - This covers underground utility lines. Example; Your sewer line breaks from the house to the muncipality tie in! You have to replace the line and also in the meantime no operation on the plumbing.

4. Please Please Please do NOT skimp on your Liability coverage! IF you were quoted at $100,000 or $300,000 in liability for just a small amount more in premium you can have $500,000 or even a million in liability coverages which is a much more comprehensive policy.

If you are purchasing a home for the first time make sure you get these insurance MUST HAVES! It is such a scary but rewarding process going through all of the first time home buying steps, between appraisal and inspections please make sure you do not forget to take time to review your new home owners insurance policy!