Homeowners insurance covers losses to your home and any possessions inside it. Purchasing home insurance gives you the state of mind that losses caused by storms, fire, theft and other events will be covered. It will also cover any law suits from injuries that might have occurred on your property. Home insurance is not all created equal, don’t make the mistake of searching only for the best price, there are many factors to consider.
Lets take a look at some different coverages:
This is the coverage that may help pay for the repair or even rebuilding of the actual physical structure of your home if it is ever damaged by a covered peril. Every home policy will have this coverage, of course, make sure you have the correct or a sufficient dwelling coverage amount. It would also be a good idea to purchase a policy that offers a guaranteed replacement cost or extended replacement cost coverage, just to ensure that you will have enough coverage if you ever need it.
This is to protect physical structures also on your property but that are separate from your actual home, such as a stand alone garage or a tool shed out back.
This is to protect your personal belonging inside your home if they are stolen or damaged. Make sure that your policy includes replacement cost rather than actual cost value. With replacement cost you will be able to actually replace whatever has been damaged, vs. actual cost value which will only pay you what the item was worth at the time of loss.
This coverage can help protect you if you someone makes a claim against you and you are found legally negligent or responsible for damaging someone’s property or injuring someone.
This does NOT come standard on most Arizona home policies. This coverage may cover you from losses due to a back-up sewer or drain water. If you have a basement with a sump pump be sure to make sure this coverage is included and that it will cover you in the case of a sump pump failure. No one wants a flooded basement when the Arizona monsoon comes through!
There are many other coverage options that should be considered when purchasing an Arizona home insurance policy. Make sure you discuss with your agent your various needs and find an Arizona insurance agent that can offer you a tailored plan specific to you and your needs!
Talk to one of Safe Street Insurance’s experts to tailor you a custom homeowner insurance plan.
Learn more about the different types of Home Insurance: