If you own a home or plan to purchase one in the state of Arizona, homeowners insurance is a necessity for many reasons. It is always beneficial to review essential information about homeowners insurance requirements in your state, as well as considering your personal needs before committing to a policy. The Arizona Department of Insurance provides some information for consumers that details most of the important highlights.
As a general rule, the state recommends that all property owners obtain some insurance to protect their investment. This is also done to shield a homeowner from liability if someone is hurt while on the property and files a lawsuit. A proper level of asset protection is also an important consideration. If someone can afford to pay more out of pocket and upfront costs for their policy, they will have a lower deductible when damages occur. This means that the insurance policy will usually cover almost all losses, as they have already been factored into the policy costs.
Lenders also have specific coverage requirements for mortgaged properties. They will usually require the homeowner to obtain insurance that is enough to cover the value of the property or the total amount that is mortgaged. In areas that are prone to severe weather such as flooding or storms, coverage may also be required to cover the costs associated with any repairs after a natural disaster. Home insurance will not cover flooding or earthquakes. Most insurance companies and agents can also provide some general information about how their particular forms of coverage and policies function.
To speak to an agent and start the process to obtain the right kind of coverage, contact AZ Insurance Group. Local agents have expertise regarding the state's laws, and they can develop a business relationship with you in order to assist with all of your homeowner's needs.