When a disaster strikes, you want to be sure that you have enough insurance to cover your losses. This can include the repair or replacement or your home, funds for short-term rental, and for replacement of personal property. Without proper coverage, for a financial loss due to a disaster to your home, you may come up short when trying to cover expenses.
How Much Homeowner’s Insurance do you need?
Standard homeowner’s policies cover disasters, theft, and accidents and give you coverage for personal belongings, coverage of your homes structure, liability protection, and coverage for living expenses if you are displaced from your home. For those who live in areas prone to flood or earthquakes and additional policy is required to cover your home due to a loss from one of these disasters. A Homeowners insurance quote Phoenix can give you an idea of the cost of a policy for your new or existing home and help you decide on the coverage you need.
Things that Affect the Cost of Homeowners Insurance
Many things affect the cost of homeowners insurance, some of which can cause an increase in homeowner’s insurance costs before you ever get a Homeowners insurance quote Phoenix and may include:
- Where your home is located because Phoenix does have flood zones
- Pets can increase the result of a Homeowners insurance quote Phoenix as some breeds of dogs will require increased liability limits on your policy
- Bad Credit Score
- Swimming Pools
- Claim Frequency
- The condition of the home
- The home’s proximity to a fire station or fire hydrant
- The neighborhood crime rate
The cost of replacing your home can vary based on its square footage, type of construction, and local building rates. So, be sure to purchase enough insurance to cover the cost of a total rebuild at today’s rate. If you are in a Phoenix flood zone, you will need to purchase a flood insurance policy to cover your assets. A Homeowners insurance quote Phoenix can help you determine the level of insurance coverage you need to replace your home, personal belongings, or any liability issues that may arise regarding your property.
For those purchasing a new house or condominium a Homeowners insurance quote, Phoenix will let you know the approximate monthly cost of insurance so that you can work it into your budget. If the property is in a floodplain, an additional policy may add to your monthly cost and you will want to know this before you finalize the purchase. Many lenders require that you have a paid homeowner’s insurance policy before closing on a new home and a quote will help you determine what this cost will be.