Arizona homeowners insurance overview
While low premiums are important, there is more to finding the best homeowners insurance in Arizona than snagging a bargain basement price. Here are some other factors to consider when shopping.
Different types of homeowners coverage
There are eight different types of coverage, six of which are designed to protect traditional (non-mobile) homes. Some types of coverage are bare bones, offering basic protection. Others offer all the bells and whistles. The best homeowners insurance companies offer them all. Before shopping for homeowners coverage, it's important to know the level of coverage desired.
Level of coverage
The thing about a bare bones insurance policy is that it may be cheap, but it is unlikely to provide a full range of coverage. Say a homeowner has lots of money in the bank and knows they can afford to rebuild the house if it's damaged or destroyed. That person may do fine with a basic policy. However, if a homeowner knows they'll need lots of help rebuilding, a comprehensive policy may help them sleep better at night.
Amount of deductible
A deductible is an amount the homeowner must pay toward a claim. Let's say there's a kitchen fire, and the total cost of the repair is $20,000 with a $1,000 deductible on the policy. The homeowner pays the contractors $1,000, and the insurance company covers the remaining $19,000.
Potential discounts
One way to land cheap homeowners insurance in Arizona is to look for policy discounts. While one policy may appear to be more expensive than another at first glance, the price can be dramatically lowered by discounts. Nearly every company offers home insurance discounts, and they cover everything from discounts for non-smokers to discounts for installing a certain type of roof or having an alarm system in place.
What are the most common homeowners insurance claims in Arizona?
Every region is known for a different set of natural disasters. For example, North Dakota has ice dams, South Carolina has hurricanes, and California has mudslides and earthquakes. But natural disasters are not the only reason an Arizona homeowner might file a claim. Here are some of the top Arizona home insurance claims:
Water damage
Arizona has more than its fair share of flood zones, making water damage one of the most common homeowners insurance claims in the state. In addition to flooding caused by weather events, there's also flooding due to the failure of household systems, like plumbing and appliances.
Wind damage
Another common claim involves damage caused by wind and hail. Roofing, windows, and siding can each take a beating from a single storm.
Theft and vandalism
Burglary is a problem in every state, and Arizona is no exception. While an insurance policy is a great way for homeowners to protect themselves against loss, there are other things they can do to secure their property. Things like investing in a home security system, living in an area where neighbors look out for one another, and using a lockbox rather than hiding a key around the front door can all help cut down on the chance of theft.
Homeowners insurance coverage options and discounts in Arizona
The best homeowners insurance in Arizona provides a high level of coverage without charging an arm and a leg for a policy. When it comes time to buy insurance, it pays to compare coverage options against costs (including discounts).
Coverage options
As mentioned, there are eight different types of homeowners policies. In the insurance industry, these categories are referred to as HO-1 through HO-8. Of the eight, one type covers renters, and another covers mobile homes only. The six remaining policy types range from basic coverage to protection with all the bells and whistles. For example, a homeowner with special features in their house -- like a wine cellar or customized home theater -- can pick up enough coverage to protect those upgrades. A homeowner can also protect their property against ice dams, electrical surges, and earthquakes. It's all about being clear about the level of coverage they require and requesting a quote for a policy with their desired level of protection.
Discount options
The trick to finding cheap homeowners insurance in Arizona is to snag as many discounts as possible. Each insurer offers a different set of discount options, but here are some of the most common:
- New build
- Home security system
- Home and auto policy bundle
- Non-smoker
- Roof upgrade
- Company loyalty
5 cheapest cities in Arizona for homeowners insurance
There are several reasons a home may be more or less expensive to insure. For example, it matters how near (or far) a house is from a fire station, the value of the surrounding homes, and the general crime rate for the area. Here are the five cheapest cities in Arizona for homeowners insurance:
