What Is Homeowners Insurance?
AZ Insurance Shop is an Independent Agency that offers Homeowners, Renters, Mobile Home, Condo, and Rental Property Insurance.
For most of us, our home, is the single biggest asset we will invest in.
Homeowners Insurance provides coverage for your personal belongings, coverage for damages to the structure of your property, and liability coverage which pays for bodily injuries and property damage to other people if you are liable. Whether you own a home, condo or rent an apartment you should know what coverage protects you and your belongings.
Some of the most common coverages and their definitions are listed below:
- Dwelling (Coverage A)
Your physical home and the structures attached to it. You should have Replacement Cost which provides an additional amount to repair or rebuild.
- Other Structures (Coverage B)
Structures that are not directly attached to your dwelling. For example a detached garage or storage shed.
- Personal Property (Coverage C)
Your personal possessions such as furniture, clothing and appliances. Certain types of possessions have limited coverage or may be excluded. Be sure to discuss these limitations with your agent as you may need additional coverage. You should have Replacement Cost as this will pay current market value versus actual cash value.
- Loss of Use (Coverage D)
Also referred to as Additional Living Expense. If a major covered loss makes your house uninhabitable, this coverage will reimburses you for your housing and other living expenses while your home is being repaired.
A deductible applies to the property portion of the homeowner’s policy. It is the amount you would have to pay out of your own pocket before the insurance will cover expenses. Common deductibles are $250, $500, $1000. The higher your deductible, the lower your policy premium will be. If you are purchasing a new home, it is a good idea to see what your lenders requirements are on maximum insurance deductibles.
- Personal Liability (Coverage E)
Insurance for what the policyholder is legally obligated to pay because of bodily injury or property damage caused to another person. Most homeowner policies provide a minimum of $100,000 of liability protection, with the option of increasing to fit your needs.
- Medical Payments (Coverage F)
This pays all reasonable and necessary medical expenses to a guest(s) if injured while on your property. Payments are without regard to fault for a specified period from the date of an accident and do not cover the policyholder, or residents of the household.
Home Insurance Discount Options
You may be eligible for discounts on your home insurance policy. Be sure to discuss these discounts with your insurance agent.
- Another policy like Auto, RV or Life insurance
- No Previous Home Losses
- Monitored Alarm System
- Advanced Quote
- New Home
- Electric Funds Transfer (EFT)
- Paid in Full
Contact an AZ Insurance Shop Agent
AZ Insurance Shop
Commercial and Small Business Insurance for San Tan Valley, Queen Creek, Florence and Gilbert. We help you cover your Auto, RV, ATV, Boat, Motorcycle, Antique or Classic Car. From Minimum to Comprehensive Full Coverage.
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