We like to do our very best for all of our clients, and especially for our friends north of the border. In the United States, we have slightly different rules when it comes to insurance and rating policies and understand that our Canadian friends go through more hoops to do business here. Plus, Canadians have to be watchful of the exchange rate when doing business in Arizona. We appreciate all business but want to be mindful of how much value and good will our Canadian friends bring to our great State.
If you are a Canadian looking to buy homeowner insurance in Arizona, there are a few key questions and points I would like to make. First of all, is the home a seasonal or rental?
If a seasonal, it is quite easy to find a competitive quote for you. If a rental, the sub question then becomes whether you are insuring to one family on an annual basis or renting to various people for short durations. If for short durations, it is a little harder finding a carrier willing to insure the home. Certainly you will find a less competitive rate under these circumstances. The reason – insurers feel the risk exposure increases when having different people stay for short durations versus one family who calls it home throughout the year.
Over the years, the main issue with insuring our Canadian clients (from a carrier perspective) is the water claim issue. On several occasions there have been water leaks. By living out of the country, you may not be made aware of a leak until substantial damage has occurred. I have, on more than one instance, seen a claim rise to six figures. The water leaks cause such substantial damage when not detected early. Water claims seem to be the biggest concerns for insurance carriers when insuring Canadian clients.
Still, our carriers seem to remain very competitive when offering homeowner insurance in Arizona for Canadians. And, according to several of our Canadian clients, our homeowner insurance for Canadians in Arizona is fairly competitive when comparing rates they find back home.
When buying a home in Arizona, pay close attention to the loss/claim history report that you should receive during the inspection period. If you see a theft, fire, vandalism or water claim, be sure to inquire with your agent if this will cause any difficulty in securing homeowner insurance. You want to find out that information prior to your inspection period running out.
That’s it! If you want a quote, please let us know. We appreciate your business and look forward to serving you!!
Gary Brown, Agent