How much do you know about your home insurance? If you are like many homeowners, you purchased a policy when you bought your house and have not looked at it since. While you know you are covered, do you really know how well you would be protected against a major loss or disaster? Could you possibly be paying too much for too little coverage?
At Maki Insurance Group, we believe you should have full confidence in the policy that protects what is likely the most valuable asset you own. We also believe that quality and affordability can go hand-in-hand. By shopping and comparing coverage from multiple Arizona insurance carriers, we help homeowners like you find insurance that is budget-friendly and protects against a wide range of loss events.
Risks and Loss
When you have assets to protect, you need to know your risks. Your house is built to be strong, but there are some hazards and adverse events it may not be capable of standing up to. Home insurance is designed to protect you against losses due to these types of events, for which coverage may vary depending on the type of policy you choose. A typical Arizona home insurance policy can cover things like:
- Fire
- Smoke
- Explosion
- Wind
- Hail
- Lightning
- Falling objects
- Theft
- Vandalism
- And more
Remember that home insurance covers many things, but not everything. Damages caused by floods and earthquakes, for example, are not typically covered. Talk to your agent about how you can obtain extra coverage that extends to these types of loss events.
Coverage for Your Home
Coverages A and B in your home insurance policy explain the protection available for the structures on your property, including your house, fence, detached garage, and storage building. This coverage pays for the repair or rebuilding of these structures when they are damaged or destroyed due to a covered loss. This includes both the exterior and interior construction components, including fixtures and finishes. Note that structural damage claims are typically subject to your policy deductible.
Coverage for Your Things
Coverage C on your home insurance explains your coverage for the things you own. Whether your belongings are destroyed by fire or stolen by thieves, it can help you start over against with minimal out-of-pocket cost. This can include items that are damaged or stolen outside or in locations away from your home, as well.
Be sure to speak with your agent about the differences between actual cash value coverage (ACV) and replacement value coverage. Standard home insurance provides ACV coverage for belongings, which only compensates homeowners for the depreciated values of their belongings. Upgrade your protection instead to cover the full cost of replacing your possessions if they are lost due to a covered event.
Note that many Arizona insurers include a certain amount of personal belongings coverage by default, but we recommend inventorying your items to ensure you are adequately protected. A home inventory can also help you file a claim in the event of a loss. Like structural damage claims, the claims you make against your personal property coverage are likely subject to a deductible.
Coverage for Others
If someone is injured while visiting your home or while on your property, medical payments coverage (Coverage F) can help pay for their necessary medical bills. This coverage is usually limited to a few thousand dollars, but it can help cover the cost of an ambulance ride, an emergency room visit, or even a health insurance deductible.
Coverage for You
Besides covering your house, your things, and the people who visit your home, your insurance can also provide financial benefits for you. For example, Coverage D on a home insurance policy provides for payment of necessary living expenses incurred as a result of temporary displacement. This can help pay for a hotel or temporary lease if you need to find somewhere else to live while your home is being rebuilt or repaired.
Another important coverage is your liability protection. Found under Coverage E on your home insurance policy, this type of insurance protects you against major financial losses if you become liable for a third-party injury or property damage. It can cover your legal fees and court costs when someone sues you for compensation of damages, and it can also cover your financial liability if you lose your case (up to the limits of your coverage). Note that homeowners liability insurance does have limitations. For example, it does not cover damages when you are at-fault for a car accident, as that type of claim would fall under your auto insurance policy. However, it can cover a wide range of other incidents, including those that occur on and off your property or damages caused by other members of your household, such as a child or a pet.
Request Your Free Arizona Home Insurance Quote
If you are a homeowner in the greater Anthem area or plan to purchase a home soon, look to Maki Insurance Group for complete coverage solutions that minimize your exposure to financial risk. As a local, independent agency, we understand the risks you face as an Arizona homeowner. We can help you choose your coverage and also look for money-saving discounts that may be available from your insurer. Examples include discounts for:
- Being claims-free
- Installing a new roof
- Purchasing a monitored home security system
- Purchasing additional lines of coverage
- And more
For more information about Arizona home insurance and how an independent agent can help you save on the coverage you need, contact our office today.
