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Arizona Real Estate Blog

Homeowners Insurance

Posted on: January 12th, 2012

By Wendy Covarrubias of the Diane Olson Team

When you purchase real estate it is important to protect your home/investments; here is some  information and tips to keep in mind.

Examples of Types of Coverage:

Dwelling Coverage – insures the home

Personal Property – Covers damage to, or loss of personal property

Other Structures – Covers damage to other structures or buildings

Personal Property – covers damage to, or loss of personal property

Additional living Expense – covers additional living expense when incurred

Personal Liability – Covers personal liability

Medical Payments – Covers medical expenses

Additional Coverages can be purchased for: extra contents, replacement cost, personal property extensions, additional liability as well as coverage for specific area conditions (i.e. flood, earthquake, etc.)

How much coverage is needed?

Have enough to cover:

Your property and belongings (protect your pocket book)

Self protection (against lawsuits)

Lender requirements (if applicable)

Policy requirements (discuss with your insurance company agent)

Benefits of Homeowners Insurance:

  • Coverage to repair or rebuild your home if it is damaged as a result of a covered loss
  • Protects your personal property from disasters, accidental damage, or even theft
  • Protects yourself from liability in the event that someone has a dispute with your over an incident on your property

Other tips:

  • Research the insurer’s records for claims service (a discount on the price of insurance will not make up for slow claims processing)
  • Is company financial stable
  • ‘Risk’ is what the cost of homeowner’s insurance is based on
  • Insure your home based on the replacement cost – how much would it cost to rebuild or replace items

This is just some food for thought.  Hopefully this will help you ask the right questions when you are investigating your insurance options.

Diane Olson is a former Canadian police officer whose team of agents  has earned its reputation as Canada’s go-to realtor for Canadians looking to buy vacation and investment property in Arizona.

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