Arizona Home Owner Insurance
Every home policy provides coverage for the Dwelling. This amount is the coverage the insurance company uses to rebuild or replace your home in a loss. Most policies have extended coverage above and beyond your listed dwelling coverage amount to cover increases in material and labor costs. Talk with your agent about the amount of coverage on your home, including any guaranteed replacement cost.
Things like jewelry, art and collectibles often have very limited coverages under an Arizona homeowner insurance policy. You need to discuss with your agent the items inside your home that have value. He or She can help determine if additional coverage is needed.
Have you heard of Loss of Use coverage before? Our policies include this coverage that ensures your Arizona homeowner insurance policy will pay for you to live elsewhere in the event your home is damaged and has to be remodeled or rebuilt.
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.
