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Flagstaff Homeowners Insurance Quotes www.AZInsQuote.com (Free, Easy and Secure Online Form)

There is a lot to know when considering your homeowner's insurance policy!

Let's start at the beginning... "When Do You Need Homeowners Insurance?"

When you purchase a new home, you should always have home insurance. In fact, if you have a mortgage on the home, it's typically required by the lender. They want to protect their investment, as you do as well! The majority of the time your homeowners insurance will be wrapped into your escrow account, but your lender, along with your taxes and possibly your mortgage insurance. What this means is that instead of you paying your home insurance company directly for your homeowners insurance policy, a portion of your monthly home mortgage payment is set aside by the mortgage company. Then when you insurance policy is due for renewal, the insurance company simply bills your mortgage company and the payment is processed seamlessly. The down side, is that the majority of homeowner's don't check on their homeowner's insurance rates or the amount of coverage on their policy every year.

You should review your coverage limits, deductible and premiums annually to ensure that you have enough coverage to replace your home in the event of a total loss of your home, as well as ensuring that you're not paying too much for this policy.

"Things To Know And Consider When Looking At Your Policy"

Descriptions of these terms can be found at http://www.azinsquote.com/homeglossary.htm.

Dwelling Coverage:

Ensure that you have enough dwelling coverage to replace your home in the event of a total loss. There are different levels of coverage limits. Actual Cash Value, Replacement Cost and Guaranteed Replacement Coverage. (We strongly suggest against ACV or Actual Cash Value. This is a depreciated calculation, which takes into consideration the age, wear and tear, and overall condition of your home at the time of the loss and pays only that stipulated value). Replacement coverage can generally vary from 100% to 150% of the amount of coverage shown on your Home Insurance Declarations Page. For example, if you had a total loss on your home, which was insured for $300k and you had 120% Replacement Coverage shown on your declarations page, you could expect to receive no more than $360k for the replacement of your home. (Norte: This is the structure coverage and not the personal property, etc). A Guaranteed Replacement Coverage offered by some insurers will allow for unlimited dwelling coverage, as long as certain conditions are met each year.

Parts of the dwelling as typically considered, but not limited to:

·         The Structure

·         Flooring (Carpet, Tile, etc)

·         Drywall

·         Cabinets

·         Sinks

·         Countertops

·         Garage (as long as it’s physically attached to the main structure)

·         Deck or Porches (as long as it’s physically attached to the main structure)

Personal Property Coverage:

Again, check your declarations page or talk to your personal insurance agent to confirm that what type of personal property coverage you have, either ACV (Actual Cash Value) or Replacement Coverage. This coverage is typically applicable to those personal items in your home that are not considered part of your home.

Some items that are considered personal property, but not limited to:

·         Clothing

·         Furniture

·         Television and Electronics

·         Refrigerators

·         Safes

·         Curtains

·         Video/Music Collections

Note: There are sometimes limits on the amount of Personal Property coverage for certain items, such as, Jewelry, Money, Fine Art, Silverware, Furs, Computer and Photo Equipment, and others. So please ensure that you talk with your personal insurance agent about “Scheduled Personal Property”. This will allow you to protect those specific items and against theft and in many instances, creates Comprehensive Coverage for them, with $0 Deductible.

Other Structures Coverage:

Consider and make sure that you have enough replacement coverage on those items structures not connected to your primary dwelling. These can include a Detached Garage, In-Ground Pools and Spas, Shops, Gazebos, Fencing, etc.

Personal Liability Coverage:

Typically one of the most important coverages, but also one of the most overlooked features of a homeowner’s policy! This is your protection against accidents that may occur on your property or that a court may potentially find you liable for. Consider the traditional scenario of someone walking across your driveway and tripping on a crack that you haven’t fixed yet. There’s a possibility that you could be facing a lawsuit. You might have to pay medical bills, lost wages, and even punitive damages. A claim can be from as little as a dollar to millions depending on the circumstances.

You should know that usually Personal Liability Coverage is typically very cost effective and you can have protection limits from as little as $100k to as much as $1M. Usually anything over a million dollars would be coverage with a Personal Umbrella Liability Policy. Again consider your net worth, potential lifetime income, and assets, then talk with your insurance professional about how much coverage you should have on your homeowner’s policy.

Deductible:

You can generally choose from $250, $500, $1000 or $2500 for your homeowner’s deductible. This is the amount that you would be required to pay in the event of a covered claim. Normally it’s not an out of pocket expense, but the amount would be deducted from the total amount of the claim paid by your insurance company. For example, say that you had a small fire in your kitchen and incurred $12,000 worth of damage to your home and you had a $500 deductible. As long as it was a covered loss, you could expect to receive $11,500 worth of payment from the insurance company. The remaining $500 worth of repairs would be left to you.

Deductibles can be cost effective and helpful. The higher the deductible that you choose, the lower your premium or cost of the policy will be. Therefore, generally, if you want to save more money each year, you might consider a higher deductible, although, it may not always be cost effective.

For example consider this:

·         If your premium was $650/year for a $500 deductible verses $600/year with a $1k deductible. The annual savings would be $50. Simple math…

What this means is that if you don’t make a claim every 10 years, than the $1k deductible is cost effective.

·         If your premium was $400/year for a $500 deductible verses $375/year with a $1k deductible. The annual savings would be only $25.

This means is that if you don’t make a claim every 20 years, than the $1k deductible is cost effective. Can you go 20 years without a claim? Maybe, maybe not…

Do the math and talk to your insurance agent about the right deductible for you!

Premium:

The premium is the amount that you pay annually for your homeowner’s insurance policy. This can vary on a large amount of variables. (Where you live; The age of your home; Your claim history; The size of your home; etc)

The cost for a home insurance policy can from the hundreds to thousands of dollars. One of the best ways to know if you’re paying the right amount for your insurance is to consider your options. Get quotes and review your coverages.

One of the easiest ways to do this, all at one time, is to visit Arizona Insurance Quotes at www.AZInsQuote.com for a free online insurance quote. You can choose to receive quotes from as little as two to as many as 5 different companies to compare.

You can also combine your homeowner’s insurance policy and auto insurance policy with the same company and get an additional 10% to 20% typically off both policies, with a Multi-Line Discount. These packages can save you a lot of money. So get both Home and Auto Quotes from Arizona Insurance Quotes and start saving money today.

Find the Right Insurance at the Right Price!

Arizona Insurance Quotes provides free, online and secure home, auto and life insurance quotes for the entire State of Arizona, including: Scottsdale, Phoenix, Tucson, Mesa, Yuma, Chandler, Peoria, Glendale, Cave Creek, Queen Creek, Flagstaff, Tempe, Buckeye, Carefree, Fountain Hills, Gilbert, Goodyear, Kingman, Litchfield Park, Prescott, Sun City West, and Surprise.

Arizona Insurance Quotes provides free, online and secure home, auto and life insurance quotes for the entire State of Arizona, including: Scottsdale, Phoenix, Tucson, Mesa, Yuma, Chandler, Peoria, Glendale, Cave Creek, Queen Creek, Flagstaff, Tempe, Buckeye, Carefree, Fountain Hills, Gilbert, Goodyear, Kingman, Litchfield Park, Prescott, Sun City West, and Surprise.