Phoenix Home Insurance

Phoenix Home Insurance

Phoenix Home Insurance is the most important insurance decision you will likely need to make. Phoenix home insurance is a total insurance solution not only for your house, but for all your insurance needs, with few exceptions such as auto insurance, which must be purchased separately. Phoenix home insurance includes 4 major areas:
Homeowner Dwelling And Personal Property, Liability, Medical Payments and Additional Home Living Expenses.

Home Dwelling and Personal Property Coverage

Home Dwelling covers all your property and buildings against damage. It covers your house, your property and other structures at your premises such as any storage facilities, shed and other add ons to your main house. These will normally be insured at 10% of the total insurance sum.

The other part of this area is personal property which is what most people would think of as insurance against theft and damage to their belongings inside their house such as furniture and household items, electronics and other things of value. Basically any items on your property that is not a car. Your property will be insured at 50% of your chosen insurance limit.

Personal Liability Coverage

Personal liability insurance is another very useful insurance policy included in Phoenix home insurance. Personal liability insurance will protect you if something unfortunate would happen to any persons visiting your property. This includes damage to their belongings as well as personal injury as long as any automobiles were not involved. If the case can not be settled in private, then personal liability will also cover your legal fees. It covers your family as well as family pets.

For personal liability there is no deductible, which means you won't have to worry about fronting any money. Personal liability usually have a set limit at a maximum limit of 100.000$.

Medical Payments Coverage

In relation to personal liability, if someone has an injury on your premises and needs medical attention, then your insurance policy will cover the costs, regardless of your degree of involvement.

Additional Living Expenses

Additional living expenses is the part of your insurance that cover temporary relocation in case of damage to your house of such a degree that you can no longer live there. It covers stay in a motel or apartment for up to 12 months at the time. Your total payout that can be used for this will be in the range of 20% of your insurance, but like with all other insurance, this can be negotiated

Additional Coverage:

Some residents of Phoenix or Arizona may find that they need more cover than what a normal Phoenix home insurance covers. Below are some common add on insurances.

Debris Removal:

In case of a storm or flood you may want to be insured against debris ending up on your property. This will pay the costs of removal.

Trees, Plants and Shrubs:

Threes and other greens can be expensive, which is why this insurance offers you up to $500 of compensation pr. Item if they get damaged.

Credit Card Coverage and Identity Theft:

Credit card fraud is a serious problem and more common than most assume. This addon will insure you against one day of maximum withdrawal, which is most times $500

Mold:

You will have a hard time finding a home insurance that covers mold damage as standard, which is why you can purchase it as an extra.

General Types Of Phoenix Home Insurance

In Phoenix Arizona, there are three types of home insurance available. HO1 is called basic coverage and only covers some perils. HO2 is referred to as major perils coverage, because you are covered from the most common perils. HO3 or all risk coverage is the most common type of insurance and is best described by what it does NOT cover. Below you will find a description of what perils each type covers.

HO1(Basic Coverage) insures you against the following perils:

Lightning and Fire

Damages to Cars and Aircrafts from Earthquakes

Mischief and Vandalism

Theft

Explosions

Riots and Civil Unrest

Smoke

Windstorm, Hail and Hurricanes

Accidental Water Damage

HO2 (Extensive Coverage) insures you against the same perils as HO1 as well as:

Building and Home collapses

Freezing Damages

Water and Steam Damages Incurred From Plumbing and Water Heating


HO3 (All Risk Coverage) covers just about all perils. It is easier summarized by the things it does NOT cover:

Property Damage from Earthquakes

Vermin Infection (mice, rats, insects)

Termites

Freezing Damages While Your House Was Unoccupied (Except if you turned of water or turned on heating)

Wind or Hail Damage To Shrubs and Trees

Vacated Home Expenses (Expenses incurred while you were away from your home for over 60 days in a row)

Maintenance (Wear and Tear)

Water Seepage Damage.

What Limit Should You Choose For Your Phoenix Home Insurance?

One of the decisions that buyers of Phoenix home insurance face is to decide upon how high to set their insurance limit. This limit is the bar from where the payouts are calculated. A high limit is obviously more expensive than a lower limit.

Before you go out and choose a limit, check carefully the following points:

•    Get a proper inventory list done and add the value of all your items together. Then you will know how to set at least your personal property part of your total limit.
•    Decided on your personal deductible limit. If you have a higher deductible, perhaps you can get a higher total insurance limit.
•    Get your house valued by a professional including cost of rebuilding..

What Determines The Cost Of Home Insurance?

The biggest factor of your premium price will be the choice of overall coverage (HO1,HO2,HO3). Then some other factors are calculated in:

Property Age and Construction Type

Some insurance companies charge more for older houses because they are believed to withstand damage and fire worse than newer homes.

Credit Card Risk

Like anywhere else where you pay rates, insurance companies may decide to add on a credit premium.

Deductible

The deductible is what affects your premium cost second most. Deductible is the amount that you must pay yourself before the insurance kicks in. A high deductible will give you a lower premium and vice versa.

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