Basic Overview of Arizona Renters Insurance

Many Arizona residents believe when they rent a house rather than own one insurance is not necessary. After all, the landlord owns the home, so if it gets damaged he has insurance. While this is true, what renters fail to think of are their prized possessions inside that landlord’s house. If an event occurred such as a fire the house would be insured, but the possessions inside would not. This is why renter’s insurance is important.

People wonder why they would even need Arizona renter’s insurance. They generally draw two conclusions. First is that they do not have enough possessions to make it worth buying renter’s insurance in Arizona. Second, they think the insurance premiums would be sky-high. They are wrong on both counts. Statistics have shown the average Arizona renter owns $20,000-$25,000 in possessions such as clothing, electronics and furniture, more than enough to be insured. These same statistics also show that the average premium for renter’s insurance in Arizona is just over $200 per year, which averages out to about $18 per month.

Before purchasing renter’s insurance in Arizona, a person should take an inventory of his possessions and estimate their cost. Make a list and photograph or videotape all items to help if a claim needs to be filed in the future. Renter’s insurance can also help protect people in other ways. It will cover damage to someone else’s property, unauthorized transactions on credit cards and protect against lawsuits if someone is injured in the renter’s home. If other unpredictable events such as burglaries or leaking pipes happen, this insurance will protect against these as well.

There are differences in coverage between insurance companies. Deadbolt locks and smoke detectors can reduce premiums. A good credit score can lead to lower premiums, as some companies use these to assess financial risk. Others give discounts for being a loyal customer, and some will offer discounts for packaging various insurances like car, life and health. Higher deductibles can also lower costs. A $1,000 deductible can save up to 30%. Just be sure you can afford to pay more out of pocket if necessary.

Arizona residents should remember that renter’s insurance doesn’t protect against floods, earthquakes and improper work done to the home, but will protect against other natural disasters. This insurance is a must for any Arizona renter who desires peace of mind at an affordable price.

Basics of Arizona Home Insurance

It’s important to have home insurance in Arizona. It doesn’t matter if you own your property or are still paying the bank, you need to protect your investment with insurance. Here is some information you should know when it’s time to invest in this important insurance coverage.

What Price is Based on
If your house is built of brick, it will cost a little less to insure than one made of wood. New homes often qualify for discounts because they have safety features not found in older properties. The size and value of your home will naturally influence the price, and you can expect to pay a little less if you live in an area with fire protection. Finally, your rates will be based largely on personal coverage levels and deductible levels.

Protect Your Home and Assets

Homeowners insurance Arizona is designed to protect you from events and accidents. If a tree falls on your roof during a storm, the insurance will cover your roof repairs, other structural repairs and your household belongings. Insurance covers robberies and most weather related incidents excluding floods. You can get your house rebuilt and the belongings covered if there is a fire. However, one of the most important features is the ability to shield you from lawsuits. If someone is accidentally hurt on your property, the insurance will cover their medical bills.

Understand Coverage Options
There are several types of coverages, and understanding them will help you ensure that you have the right coverage and levels.
• Property Damage – This is what you will file under if hail damages the roof or a windstorm blows out a window.
• Contents Insurance – This covers home contents like furniture and clothes. High-valued items like jewelry and electronics should be covered under a dedicated rider.
• Loss or Use – Also known as additional living expenses, this coverage pays for you to have a place to live while your home is being repaired.
• Personal Liability – This is what covers you in the event of a lawsuit due to bodily, property or personal injury to one of your guests.
• Medical Payments – Regardless of whose fault an accident is, this coverage pays for the reasonable expenses associated with their medical care.

Choose Replacement Value
Insurance companies will cover items based on actual cash value or replacement value. Actual cash value provides you with less coverage because they will only pay what an item is worth regardless of what you will have to pay to replace it. This becomes particularly troublesome with electronics and other high-dollar items. With replacement value, you will get your items replaced regardless of how outdated your original items were.

There are ways to lower your homeowner’s insurance expense in Arizona. Invest in a security alarm for a discount, and choose a slightly higher deductible to bring rates down further. Understand that insurance is designed to protect your home and your personal finances when choosing coverages. Your insurance should be enough to shield your wealth in the event of an accident. Invest in the right insurance, and then enjoy your house more knowing that you are properly covered.

Homeowners and Condo Association Insurance and Vacation Rentals

Cottage Insurance Arizona

Many people have taken advantage of lower interest rates in recent years to purchase a second home or condo that they can use as a source of income through renting it out as a vacation rental. This can be quite a lucrative venture, as some desirable rentals in resort areas (such as on a lake) can fetch $700 to $1000 per week from tourists and travelers. If you are renting your home to strangers, you’ll want to make sure that you have the proper insurance to cover you. Your standard homeowners or condo association policy might not be enough.

For example, a condo association generally has a master insurance policy or a blanket policy that covers the common grounds and insures the exterior walls of the building but won’t cover the interior walls or contents of the building such as furniture. They also won’t cover your vacation renters if they are hurt on your property. For those situations you’ll have to purchase your own condo or homeowners policy that includes liability coverage.

Arizona Vacation Rental Insurance

If your vacation rental is on or near the coast or in a floodplain, you’ll also want to consider purchasing hurricane or flood insurance. Hurricane coverage is generally flood and wind coverage, which are purchased separately from your basic homeowner’s policy. If your vacation rental is in a high risk area, the premiums for these types of coverage will be more costly. You will want to do some of this insurance shopping – especially special insurance endorsements such as flood coverage – before you even buy a vacation rental property. This is because you may find out the “great deal” you are getting on a mortgage payment on a rental property might not look so great once you add hurricane insurance premiums of $3-$4,000 per year to your monthly house payment. This can seriously cut into your potential profit on a property.

Another additional insurance coverage you may want to look at is rental insurance which covers your property in case you have a loss of rental income due to a natural disaster, flood or fire. If you are counting on a regular rental income in order to make the mortgage payments on your rental property and you suddenly lose those payments, you could be in danger of foreclosure.

There isn’t really an entire policy designed specifically for owners of vacation rental homes or condos, so you’ll have to work closely with your insurance agent and ask a lot of questions about your coverage to design a policy that works for you.  Don’t just hope that your regular homeowners or condo association insurance master policy will protect you. Once a claim is filed, such as a personal injury claim, and the insurance company finds out the home is a rental and not your primary residence, they may decide to cancel your property or deny the claim.  In that situation, you could be out thousands of dollars of your own money. Be smart and get the right coverage. Make sure it is affordable and makes sense before you buy a property. Remember that a vacation rental is really a business, and should be covered just like a business would.

If you want to know more about home or condo insurance, click here to get a free Arizona Home Insurance quote or a free Arizona Condo Insurance quote.

Auto insurance and towing coverage

Arizona Towing Auto Insurance

Source: http://www.flickr.com/photos/davidden/70342819/

If you’ve ever broken down in the middle of nowhere, it can be a scary proposition. It’s even scarier if you don’t have some type of roadside assistance or towing coverage. If you are 25-30 miles from civilization, it can cost about $200 to have a tow truck come out and get you to a qualified and trusted service facility to get your car fixed. Add this to the cost of your repairs, and you could be looking at a pretty substantial bill. If you add towing coverage for a few bucks every month, however, you could avoid having a huge towing bill, and give yourself a little peace of mind as well.

If you have a AAA membership, then you have at least a minimal amount of towing coverage. Keep in mind, however, that their basic package only provides for a five mile towing distance. If you need to be towed further, it will come out of your own pocket. It’s probably best to purchase the next level of membership, which allows 100 miles of towing. Make sure to add your spouse to the membership as well. It will only cost a fraction of your own membership for each individual that you add. If you are insured by a different carrier for your actual auto insurance, they may have their own towing coverage. Generally, AAA is better and priced about the same. AAA also has other advantages such as coverage for locksmith services should you lock yourself out of your car, and will bring you a couple of gallons of fuel for free in case you run out of gas. They provide travel services and discounts at major retailers, entertainment venues, amusement parks, and hotel/motels as well, and have additional benefits such as free travel magazines and maps for members, as well as trip planning services.

Arizona Auto Insurance Towing

Source: http://www.flickr.com/photos/booleansplit/3089762458/

Coverage through your insurance company isn’t as comprehensive, and may have limitations. Ask your insurance agent how reimbursement works, and what exemptions exist. Additional fees and charges for mileage may apply, depending on who your insurance carrier is. If you are in an accident that damages your car to the point that it cannot be easily towed, you may have to pay some additional fees out of pocket. A flatbed tow truck may cost you more than a traditional tow. It’s better to know the answer to these questions ahead of time, not when you’re stranded out on the road. You also need to find out if towing is covered to the nearest repair facility only or if you are allowed to choose the facility of your choice. Often it is better to be able to take the car to a mechanic you trust rather than whoever is closest.

Towing insurance doesn’t cover damages done by the two truck either. It only covers the cost of transporting your vehicle to a garage. Not all towing insurance covers roadside assistance, either. It is generally meant for serious breakdowns and accidents. Lockouts, tire blowouts, or running out of gas may not be covered and you’ll be on your own. Sometimes an automobile warranty or your credit card company will cover these types of instance, though, so it is worth some investigation.

Whether or not you need towing coverage depends mainly on a few factors including:

1.       How much do you drive? How far is your work commute?

2.       How old is your car? Is it in good shape and well maintained?

3.       Do you drive a lot of back roads or in loosely populated areas?

4.       How handy are you in fixing minor problems or changing tires yourself?

5.       What can you afford?

Click here if you would like to know more about auto insurance and the coverage we offer and a free Arizona Auto Insurance quote!

If you’ve ever broken down in the middle of nowhere, it can be a scary proposition. It’s even scarier if you don’t have some type of roadside assistance or towing coverage. If you are 25-30 miles from civilization, it can cost about $200 to have a tow truck come out and get you to a qualified and trusted service facility to get your car fixed. Add this to the cost of your repairs, and you could be looking at a pretty substantial bill. If you add towing coverage for a few bucks every month, however, you could avoid having a huge towing bill, and give yourself a little peace of mind as well.

If you have a AAA membership, then you have at least a minimal amount of towing coverage. Keep in mind, however, that their basic package only provides for a five mile towing distance. If you need to be towed further, it will come out of your own pocket. It’s probably best to purchase the next level of membership, which allows 100 miles of towing. Make sure to add your spouse to the membership as well. It will only cost a fraction of your own membership for each individual that you add. If you are insured by a different carrier for your actual auto insurance, they may have their own towing coverage. Generally, AAA is better and priced about the same. AAA also has other advantages such as coverage for locksmith services should you lock yourself out of your car, and will bring you a couple of gallons of fuel for free in case you run out of gas. They provide travel services and discounts at major retailers, entertainment venues, amusement parks, and hotel/motels as well, and have additional benefits such as free travel magazines and maps for members, as well as trip planning services

Coverage through your insurance company isn’t as comprehensive, and may have limitations. Ask your insurance agent how reimbursement works, and what exemptions exist. Additional fees and charges for mileage may apply, depending on who your insurance carrier is. If you are in an accident that damages your car to the point that it cannot be easily towed, you may have to pay some additional fees out of pocket. A flatbed tow truck may cost you more than a traditional tow. It’s better to know the answer to these questions ahead of time, not when you’re stranded out on the road. You also need to find out if towing is covered to the nearest repair facility only or if you are allowed to choose the facility of your choice. Often it is better to be able to take the car to a mechanic you trust rather than whoever is closest.

Towing insurance doesn’t cover damages done by the two truck either. It only covers the cost of transporting your vehicle to a garage. Not all towing insurance covers roadside assistance, either. It is generally mea

If you’ve ever broken down in the middle of nowhere, it can be a scary proposition. It’s even scarier if you don’t have some type of roadside assistance or towing coverage. If you are 25-30 miles from civilization, it can cost about $200 to have a tow truck come out and get you to a qualified and trusted service facility to get your car fixed. Add this to the cost of your repairs, and you could be looking at a pretty substantial bill. If you add towing coverage for a few bucks every month, however, you could avoid having a huge towing bill, and give yourself a little peace of mind as well.

If you have a AAA membership, then you have at least a minimal amount of towing coverage. Keep in mind, however, that their basic package only provides for a five mile towing distance. If you need to be towed further, it will come out of your own pocket. It’s probably best to purchase the next level of membership, which allows 100 miles of towing. Make sure to add your spouse to the membership as well. It will only cost a fraction of your own membership for each individual that you add. If you are insured by a different carrier for your actual auto insurance, they may have their own towing coverage. Generally, AAA is better and priced about the same. AAA also has other advantages such as coverage for locksmith services should you lock yourself out of your car, and will bring you a couple of gallons of fuel for free in case you run out of gas. They provide travel services and discounts at major retailers, entertainment venues, amusement parks, and hotel/motels as well, and have additional benefits such as free travel magazines and maps for members, as well as trip planning services

Coverage through your insurance company isn’t as comprehensive, and may have limitations. Ask your insurance agent how reimbursement works, and what exemptions exist. Additional fees and charges for mileage may apply, depending on who your insurance carrier is. If you are in an accident that damages your car to the point that it cannot be easily towed, you may have to pay some additional fees out of pocket. A flatbed tow truck may cost you more than a traditional tow. It’s better to know the answer to these questions ahead of time, not when you’re stranded out on the road. You also need to find out if towing is covered to the nearest repair facility only or if you are allowed to choose the facility of your choice. Often it is better to be able to take the car to a mechanic you trust rather than whoever is closest.

Towing insurance doesn’t cover damages done by the two truck either. It only covers the cost of transporting your vehicle to a garage. Not all towing insurance covers roadside assistance, either. It is generally meant for serious breakdowns and accidents. Lockouts, tire blowouts, or running out of gas may not be covered and you’ll be on your own. Sometimes an automobile warranty or your credit card company will cover these types of instance, though, so it is worth some investigation.

Whether or not you need towing coverage depends mainly on a few factors including:

1.       How much do you drive? How far is your work commute?

2.       How old is your car? Is it in good shape and well maintained?

3.       Do you drive a lot of back roads or in loosely populated areas?

4.       How handy are you in fixing minor problems or changing tires yourself?

5.       What can you afford?

nt for serious breakdowns and accidents. Lockouts, tire blowouts, or running out of gas may not be covered and you’ll be on your own. Sometimes an automobile warranty or your credit card company will cover these types of instance, though, so it is worth some investigation.

Whether or not you need towing coverage depends mainly on a few factors including:

1. How much do you drive? How far is your work commute?

2. How old is your car? Is it in good shape and well maintained?

3. Do you drive a lot of back roads or in loosely populated areas?

4. How handy are you in fixing minor problems or changing tires yourself?

5. What can you afford?

Auto Insurance And Older Vehicles

Many states require drivers to carry at least a minimal amount of automobile insurance. If you’re young and don’t make a lot of money, car insurance can get expensive — especially if you drive an old beat up car that’s only worth a couple hundred bucks. In this case, you’ll probably want to carry the least amount of insurance possible under the law.

First off, determine what your car is worth. The best way to do this is to use the Kelley Blue Book. They have a website that will allow you to enter all of your vehicle’s information such as the year, make, model, any special features and the shape that the car is in. All of these factors will determine what your car

Old Vehicle Insurance Auto

is worth. The categories for which Blue Book will determine your car’s value include trade-in value and also what you could ask if you were putting the car up for private sale. The private sale value is probably the best indicator of what your car’s insurance value would be.

So, if you’re driving an old car that is only worth $1,000, you probably won’t get it fixed if you’re in an accident and the damages total more than the car is worth. You also won’t fix the car if you have a $1,000 deductible

and the damages are$1,100. You would pay the $1,000 and the insurance company would only pay

$100. Collision and comprehensive coverage is generally the option that people with old cars skip because of these factors.

If you know what your car is worth, you’ll know how much insurance to buy, what size deductible you want, and how much repair is worth doing on the vehicle. Keep in mind, though, that the higher the deductible you carry on the car, the less expensive your monthly premium will be. Most people opt for a higher deductible to keep insurance costs down on older cars.

If you carry the minimal collision coverage because you have an old car and wouldn’t replace it in the case of an accident, that’s okay. Just make sure that you still cover yourself in case of damage or bodily injuries that you may cause in an accident. Even an old car can cause some serious damage to another person’s car, property, or body. In any of these cases, you’ll have to pay for that other person’s damages or injuries. This coverage is cheaper than other types of automobile coverage and is called bodily injury and property damage liability. Make sure that you have both.

You also need to make sure that you and your passengers are covered in case of an accident. Medical expenses can really add up and you don’t want to be on the hook for those costs. If you have health insurance, some of these costs may be covered. What won’t be covered is lost wages while you are in the hospital. In order to defray some of these other costs, you can add medical payments coverage, personal injury protection, and underinsured/uninsured motorist coverage. This last one is very important in case you have an accident with someone who doesn’t have any insurance at all, which is more common than you might think.

Click here for more information on this topic and a free Arizona Auto Insurance quote. See how we can improve your coverage and savings today!

Homeowners insurance and tornadoes

Source: http://www.flickr.com/photos/gdsdigital/4554359577/

Source: http://www.flickr.com/photos/gdsdigital/4554359577/

Hurricanes, floods, mudslides, earthquakes, and tornadoes always get great coverage on the cable news networks. Images of destroyed homes and distraught families left with little or no possessions have become commonplace. These images are so common, in fact, that we’ve learned to ignore them at times. What people cannot ignore, however, is the reality of natural disasters and the effect they have on normal every day people.

For hurricanes, earthquakes or floods, homeowners will need to seek separate coverage in addition to their standard homeowner’s policy. For tornadoes, however, there is coverage under your existing policy. That’s because they are considered “wind events” by insurance companies. If you live in an area that experiences tornadoes such as Tornado Alley, the area of the country that runs north from Texas through eastern Nebraska and northeast to Indiana, you are probably well aware of the damage that a tornado can do. If you live outside of that area, however, you can still experience a twister. That’s why it’s smart to take a good look at your homeowner’s policy to see what your tornado coverage is like.

If a tornado damages your home, the first thing you should do is file a claim as soon as possible. Some insurance companies place a time limit on how long after the tornado occurs that you can file a claim, and this limit will vary from state to state. Document the damage with a video or digital camera right away and repair any damage such as a hole in the roof with plywood or a tarp before further harm comes to the inside of your home or belongings from the elements such as wind or rain. If there is damage to your personal items, make a list of those items and assign a value to them through research or sales records. Be as organized as you can so your claim can be handled more smoothly. Also make sure you communicate how severe the damage is to your insurance provider, as they will prioritize which claims they start on first according to which are the most severe.

Home Insurance Tornado Flood

Source: http://www.flickr.com/photos/overseasvoyager84/2262103731/

Don’t fall prey to suspicious companies who rush in after a tornado. Get multiple quotes from roofers or contractors and check on their references and credentials before having any work done. Your insurance agent may ask you to use a specific firm to do any repair work or provide you with a list to choose from. This is true for temporary repairs that you have done right away as much as it is for the permanent repair work you will need done. Both should be covered under your homeowner’s claim so save your receipts and paperwork to give to your claims agent.

The insurance company will pay for replacement of your damaged home or roof. Keep in mind, however, that they will not pay for you to replace the damage with better materials than you had before. If you had a shingled roof, for example, they won’t pay for you to replace it with a metal roof. If your home is uninhabitable while it is being fixed, the insurance company will also pay to move you and for the rent at a temporary residence until you can move back home.

Visit our website for more information or click here to see if you can save more money on your Arizona Home Insurance policy with a free quote.

Homeowners Insurance And Mold

In recent years people have become quite scared of the prospect of having mold in their homes. Some home loans cannot even be approved if mold is detected on a property, and there are a lot of horror stories floating around about homeowner’s insurance policies refusing to pay out on mold claims and the high expense of repairing mold damage once it sets in.

Take for example the story of one young Northern California family who was in the process of purchasing a new four bedroom, two-story home. The home had undergone a foreclosure and was being sold by the bank, so it hadn’t been lived in for several months. The couple fell in love with the house, put down a deposit, anHome Insurance Moldd began the process of getting the home inspected for processing of the bank loan.

Because the home was connected to city water, the home inspector called to have the water turned on at the home. What the inspector didn’t know, however, was that someone had left the faucet in the upstairs bathtub on with the drain stopper in place. Two days later when the inspector arrived to look at the house, the water had flooded the bathroom and run down the walls of the ground floor living room and dining room below, soaking all of the carpet in the upstairs and downstairs. The drywall had buckled and bubbled, collapsing under the weight of 48 hours of continuously running water.

The house sat for nearly a week before a claim was filed and cleanup work could begin. Mold and water saturation had already crept in. The walls and carpeting were torn up and workers dried out the house with industrial fans for weeks before finally repairing the walls, carpeting, and repainting the interior of the house. The couple had to walk away from the sale, even though all of this work had taken place at the bank’s expense. Why? Because every mold expert they called told them there was no way to completely get rid of the mold in a case like that, and it could return or get worse and cause further problems down the road. Mold, while usually harmless, can still cause structural damage and problems for people with breathing issues such as asthma or allergies. It can also affect the future resale value of the home, as most disclosures require you to report the presence of mold.

Whether mold is covered by a homeowner’s insurance policy depends on the source of the moisture and the wording of your policy. A separate mold rider can be purchased, and usually costs around $500-$1500. If mold results from an accidental situation that’s already covered by your policy, such as a pipe bursting in the example mentioned, the mold remediation cost should be covered. Flood damage is different and covered by a separate policy, however.

Most basic homeowner’s insurance policies exclude coverage for damage caused by mold, fungi, and bacteria, but that doesn’t mean a mold claim will be automatically denied. Claims will usually only be rejected if mold is caused by neglected home maintenance on the part of the owner or situations such as long-term exposure to humidity or repeated water leaks. Mold claims can be expensive for insurers, with the average claim falling between $15,000 and $30,000, causing many states to adopt limitations on mold coverage. Amounts vary, but a typical homeowner’s policy might cover between $1,000 and $10,000 in mold remediation and repair. They only way to make sure you are covered is to speak with your agent and go over your policy.

Click here for a free Arizona Home Insurance quote and see if you can save more today!!

Auto insurance and rental cars

Most of us don’t think about it until we are actually standing at the rental agency counter with a long line of weary travelers waiting in line behind us, while the rental agent impatiently stares at us. Do you have to buy the insurance the rental company offers? Are we covered by our personal auto insurance policies? What happens if we have an accident? It pays to know ahead of time.

There’s no magic answer, but there are a number of guidelines you can follow in regards to auto insurance and rental vehicles. For starters, the only way to determine if your own policy will cover you is to actually call your agent and have them explain your coverage options.  Many auto insurance companies will extend the coverage on your personal auto policy to a rental car. If you have comprehensive collision coverage, it will pay for damage such as scratches and dents, and will also cover theft.Car Rental Insurance

Another option that many people do not know about is that coverage may be provided by your credit card company. May credit cards will pay for damage to a rental car as long as you pay with your card. This coverage is secondary to your own personal policy. Your credit card company may also pay for towing, but won’t pay for damages or injuries to another driver. This type of coverage is called liability or personal injury coverage, and will be part of your personal auto insurance policy. Once again, it is worth a call to your credit card company to see if you are covered. Beware – just because your debit card has a Visa logo, it may not offer the same coverage as a dedicated card.

Another option is to rely on the coverage your place of employment provides. This coverage will only apply if you are using the vehicle for work reasons, however. Often, large businesses have this type of corporate coverage, though. Keep in mind as well that your own personal coverage will only work if you rent a car in the U.S. and travel within the U.S. Once you drive into Canada or Mexico your coverage will be more limited. In this case, you may need to buy the coverage offered by the rental car company. One final word of caution – don’t let anyone except for the named individual drive the car. If you let a friend or relative drive the car, your coverage could be nullified.

So, in order to make sure you have auto insurance coverage when renting a car:

1.       Call your insurance agent and ask what coverage you need

2.       Call your credit card company and ask what coverage they offer

3.       Ask about towing and liability or personal injury coverage

4.       See if your firm covers you for business rentals

5.       Don’t assume you are covered in other countries by your personal policy

6.       Don’t let anyone else drive your rental car

7.       If you are in doubt about coverage, bite the bullet and purchase the coverage that the rental agency offers. The good part about purchasing their physical damage coverage is that you can completely wreck the car and just turn in the keys without having to pay a deductible or any other costs.

Click here for a free Arizona Auto Insurance Quote to see if you can save more money or get better coverage now!

Homeowners and fire insurance

Home Fire InsuranceA typical Arizona homeowner’s insurance policy will cover you in case of fire, so almost everyone already has fire insurance. You won’t need to run out and buy a separate policy to cover yourself. Even though most people have fire coverage, however, not many understand exactly how fire insurance works. Almost every fire policy is composed of four parts: An insuring agreement, definitions, exclusions, and conditions. Your insurance agent can help you to interpret all of these sections, and it is worth your while to read your policy in regards to fire. There are also four different areas of coverage in regards to fire claims.

The first area covered is the dwelling itself. The second area covers structures such as a detached garage, gazebo, shed, pool, or guest house. The third area of coverage is personal property, meaning the contents of the home at the time the fire occurred. The fourth and last area of coverage is for loss of use or additional living expenses. This means that your insurance company will pay for you to move out and live somewhere else while your home is being repaired or rebuilt.

If you want additional coverage, you can add what are called endorsements. Endorsements are essentially “add-ons” to your policy. These might be used to cover expensive collectibles or rare items, jewelry, furs, or art. These add-ons are called personal property endorsements, which allow a homeowner to cover a specified item. The payout for a loss such as fire is equal to an amount agreed upon by the insurer. For example, if a $5,000 painting is lost in a fire, the insurance company will pay out $5,000 with no deductions made for depreciation and without requiring a deductible if you cover it under a personal property endorsement.

A similar endorsement is called personal property replacement cost. A standard homeowner’s policy pays the actual cash value for any fire damaged. Because of depreciation, however, actual cash value is always significantly less than the replacement cost. With a personal property replacement cost endorsement, a homeowner can remedy this issue by receiving the actual cost to replace any item that is lost or damaged in a fire, such as furniture, electronics, etc. regardless of the item’s value at the time of the loss.

Another endorsement you may want in case of fire would cover code upgrades. These are changes to building laws that may require you to add new features to your home that weren’t required when the home was originally built. If you don’t have this endorsement, you would have to pay this difference out of your own pocket.

A good piece of advice for anyone who is purchasing a homeowner’s policy and is concerned about loss due to fire is to make a good record of the belongings in your home. Take a video camera and record the entire outside the house and then walk through the whole interior of the home. Along the way, identify all of your personal property and record it on tape. Open all of the closets and shoot inside your storage spaces as well. Take time to record what is in your sheds and outbuildings too. Insurance experts say that this is the best way to prepare yourself in the unlikely and devastating event that you should experience a fire in your home.

Saving Money By Bundling Your Insurance Policies

Auto, Home, Condo, Renters or business insurance by purchasing them with the same insurance company, can save you premium dollars as well as making you a “preferred client”.    Most insurance companies are excited to pass on savings to their clients who have more than just one policy with them.   Their acquisition cost to get new clients is lowered when they already have a relationship with you and statistics show that a client is more likely to stay around longer, if there is more than one policy in the household.

Get started by getting a free quote for Arizona auto insurance or Arizona home insurance now!

The relationship that you have with any insurance company becomes stronger when more and more policies are tied to your account.   It only makes sense that if you are bringing more dollars into a business, that business may want to spend more time, effort Insuranceand energy in serving you, their client. This additional service may be the added time to answer your questions, find additional discounts that you may qualify for if other conditions are met, or simply the one on one relationship that you might expect from the company that is financially protecting your hard earned assets.  As your life changes and your insurance needs change over time, it is beneficial to do a complete review of the policies and keep them “tuned” to your changing needs.  I believe that this kind of review is important at least every 5 years and sooner if you have life changing events like a new baby, a new spouse or divorce, or a change in work or a move to another home.

Insurance discounts vary from company to company and can “slip” off if you are not paying attention.  All students should be checking to make sure that the “Good Student” discount is still in place.  Every 6 months, this massive discount may need to be re-qualified for by providing a copy of your grades… These can be huge dollars that should remain in your pocket, if you had simply forwarded the information on to your insurance carrier.   Be sure to ask your specific company for all available discounts and what it will take for you to get them!

Some of the biggest discounts for drivers under the age of 25 is simply letting the insurance company know that you are now married or that you have become a parent.  These life changing events tend to affect the cost of your auto insurance in a wonderful way!  Moving into a less populated area, being able to park your car in a garage vs parking in an open area, having an alarm on your car… are all chances to lower your insurance costs.

Regardless of the name of your insurance company or agent, having the ability to communicate and ask questions is the ticket to reducing the overall cost of your insurance.  Making one call to one agent, who knows who you are,   is preferable to calling a telephone tree and speaking with a new “REP.” every time.