ECONOMICAL HOMEOWNERS’ INSURANCE POLICIES
Ever wonder why home insurance is extremely important? Most mortgage lenders require for future homeowners to have a home insurance plan. A homeowners’ insurance policy helps protect your precious investment as well as your personal belongings. With homeowners’ insurance, you can better prepare yourself in the event of a natural disaster or accident occurrence in your home. That is why Absolute Insurance Solutions, LLC wants to help you figure out what type of homeowners’ insurance policy best suits you. We offer quality, reliable and affordable insurance policies for every homeowner. Contact us at 623-328-5298 today.
What Does Home Insurance Cover?
When you think of homeowners’ insurance, you may only think of the exterior damage. Absolute Insurance Solutions, LLC is here to let you know that your homeowners’ insurance policy covers so much more. Depending on your selected plan, your insurance can cover:
Structural Damage Caused By Natural Disasters
Theft or Damage of Personal Items
Personal Liability for Injuries That Occurs at Your Home
Temporary Living Space During Repairs & Reconstruction
Our Homeowners’ Insurance Carriers
MetLife Auto & Home® - ARS
State Auto Connect
Frequently Asked Questions About Homeowners’ Insurance
What is homeowners' insurance?
Homeowners’ insurance is a form of property and casualty insurance. It primarily covers your home and the stuff inside of it in the event of theft or some disasters.
Is homeowners' insurance required by law?
No. Unlike car insurance, states don’t mandate you insure your home. But, if you’re financing a house, your mortgage lender will likely require you to get some. They don’t want to lose money on their investment. And, honestly, neither will you.
What types of homeowners' insurance policies are there?
There are two big ones we’re referencing here: a replacement cost homeowners’ insurance policy and an actual cash value homeowners insurance policy. The replacement cost homeowners’ insurance policy pays claims based on the cost of rebuilding or repairing your home at the time it is damaged or destroyed while an actual cash value homeowners insurance policy pays claims after accounting for any depreciation in your home’s value. Replacement cost homeowners’ insurance will cover more damage to your property and possessions. Actual cash value homeowners’ insurance is cheaper, but it usually won’t pay out enough to fully repair or rebuild a damaged home.
What else does homeowners' insurance cover?
In addition to property and personal belongings damage, standard homeowners’ insurance covers liability, in the event someone injures themselves at or around your house, and loss of use, which is a fancy way of saying it’ll pay for temporary housing while your house is in repair. Separate coverage limits apply to each category.
How much homeowners' insurance do I need?
Ideally, you should base your property coverage limits on how much it would cost to rebuild your home. That’s sometimes the house’s current market price, but it could climb higher. You should consider insuring over market price if your house is older, you’ve got other structures on your property (like a shed or four-car garage), or construction costs in your area run high, for example.
What's an umbrella policy?
Umbrella policies offer extra liability coverage on top of what’s already covered by your standard homeowners’ insurance or car insurance policy. Umbrella coverage starts at $1 million. Our agents generally recommend an umbrella policy to people who have more than $500,000 in assets since that’s typically where your standard homeowners’ policy will cap coverage. But you should also consider umbrella coverage if you’re at risk of multiple lawsuits, like if you have a few teen drivers in the house or you own multiple properties, especially rentals.
What homeowners' insurance discounts are there?
How can I lower the cost of homeowners’ insurance?
What is the average Arizona homeowners' insurance rate
The average cost of home insurance in the state of Arizona was $810. That’s much lower than the national average of $1,173.