Arizona Home Owner Insurance
| by Gary Brown | May 17, 2007
If you own a home, congratulations.
Now, let's make sure you have the proper insurance coverage to protect that great investment.
Often when a home owner insures a house they ask simply about their deductible and MAYBE how much coverage is on the dwelling.
A Fire Destroys Your Home
If this happens to you, will your home insurance policy rebuild your house? Since you have insurance you probably assume it will.
IMPORTANT QUESTIONS
How much is your home insured for per square foot? Seven years ago homes in the metro Phoenix area were commonly being insured for $75-80 per square foot. Today in 2007 homes are commonly being insured for $105-110 per square foot. And this is for a typical home, not your Scottsdale/Paradise Valley upscale home.
How much is your home insured for per square foot? You need to ask
Do you have Guaranteed Replacement? If yes, do you have 125% guaranteed replacement or unlimited cap? If you have owned your home for many years when is the last time your agent re-calculated your rebuild cost?
In Northern Arizona a few years ago there were several major forest fires that destroyed lots of homes and cabins. Owners understandably expected their insurance policy to rebuild for them. Unfortunately, many of those homes' insurance coverage had not been reviewed in many years and alot did not have any guaranteed replacement.
The insurance companies merely paid whatever the dwelling amount was on each home, and was woefully too little for some home owners.
Protect Your Greatest Investment
1) Ask your agent how much per square foot your home is insured for. Has it been awhile since your agent completed an rebuid evaluation?
2) Find out if you have guaranteed replacement. Is it 125% of your dwelling or unlimited with no cap.That is VERY important.
Protect against a lawsuit
Have you considered if someone were injured on your property?
Liability and Medical coverage pays out to people injured on your property. If you carry too little and you have a claim it is possible you can and will be sued personally.
I would highly recommend every one who owns a home carry at least $300,000 or $500,000 Liability and $5000 - $10,000 medical at least.
Your home policy automatically comes with $100,000 Liability and $1000 Medical. Do yourself a favor and increase those upwards. The premium difference is amazingly insignificant.
Arizona Home Owner Insurance
Now, let's make sure you have the proper insurance coverage to protect that great investment.
Often when a home owner insures a house they ask simply about their deductible and MAYBE how much coverage is on the dwelling.
A Fire Destroys Your Home
If this happens to you, will your home insurance policy rebuild your house? Since you have insurance you probably assume it will.
IMPORTANT QUESTIONS
How much is your home insured for per square foot? Seven years ago homes in the metro Phoenix area were commonly being insured for $75-80 per square foot. Today in 2007 homes are commonly being insured for $105-110 per square foot. And this is for a typical home, not your Scottsdale/Paradise Valley upscale home.
How much is your home insured for per square foot? You need to ask
Do you have Guaranteed Replacement? If yes, do you have 125% guaranteed replacement or unlimited cap? If you have owned your home for many years when is the last time your agent re-calculated your rebuild cost?
In Northern Arizona a few years ago there were several major forest fires that destroyed lots of homes and cabins. Owners understandably expected their insurance policy to rebuild for them. Unfortunately, many of those homes' insurance coverage had not been reviewed in many years and alot did not have any guaranteed replacement.
The insurance companies merely paid whatever the dwelling amount was on each home, and was woefully too little for some home owners.
Protect Your Greatest Investment
1) Ask your agent how much per square foot your home is insured for. Has it been awhile since your agent completed an rebuid evaluation?
2) Find out if you have guaranteed replacement. Is it 125% of your dwelling or unlimited with no cap.That is VERY important.
Protect against a lawsuit
Have you considered if someone were injured on your property?
Liability and Medical coverage pays out to people injured on your property. If you carry too little and you have a claim it is possible you can and will be sued personally.
I would highly recommend every one who owns a home carry at least $300,000 or $500,000 Liability and $5000 - $10,000 medical at least.
Your home policy automatically comes with $100,000 Liability and $1000 Medical. Do yourself a favor and increase those upwards. The premium difference is amazingly insignificant.
Arizona Home Owner Insurance
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