Arizona Home Owner Insurance
Do you have your home insured for Full Replacement in the event of a fire or storm? Occasionally we meet a new client and discover their home is underinsured. In the event of a total loss, you want your home covered. That's why we take the proper steps to ensure your home is insured right - from the start. Just having Arizona homeowner insurance does not mean your home is insured properly. We will make sure it is.
Our Arizona homeowner insurance policies come with something called "replacement cost". That means you will get "current" value for your stuff. Consider a refridgerator that may have cost $1000 five years ago. It probably costs much more today. You get today's value for your belongings.
Liability coverage protects you in the event someone is injured while on your premises and you are found negligent. $50,000 is usually the minimum coverage. In this age of litigation, it is advisable to carry at least $500,000.
Our Arizona homeowner insurance provides coverage called Loss of Use or Living Expense. These will pay to have you live in a hotel or rental home temporarily if your home is badly damaged and you have to live elsewhere on a temporary basis.
Policy Reviews Are Important
You should not wait for your agent to contact you to conduct a policy review. Your policy covers you and your belongings and it is incumbent upon the insured to know and understand their policy, its limits and available riders. A claim is not the ideal time to find you have gaps in your coverage. Plan ahead and contact your agent to set a review appointment.
Are You Insured Properly?
As you obtain a home insurance quote or when your policy renews annually, ask your agent what is the proper amount of coverage for your home. The cost to rebuild a home has skyrocketed the past few years. Building material costs and construction labor costs have risen dramatically. According to recent news articles in 2006 approximately 40% of all homes are underinsured.
Discounts
It is advisable to discuss with your agent all the potential discounts available. The most common discount is the auto and home discount, called the multi-policy discount. See if you qualify for other discounts, like an alarm discount.
Finally, a home policy should ideally be combined with an Umbrella policy to provide you with the best protection.
TRIVIA: The first U.S. fire insurance company was formed in South Carolina in 1732. Benjamin Franklin opened an insurance business in 1752 and his business model was the first to include warnings against certain fire hazards and he also declined to insure certain risks, such as all-wooden homes.
