Homeowners Insurance in Phoenix, AZ
Home insurance helps provide protection when unexpected events damage your property and third-party claims threaten your financial stability. Contact AboveAll Insurance in Phoenix, Arizona, to start building your customized home insurance policy.
How Much Home Insurance do I Need?
Home insurance is designed to help repair or rebuild your home after a disaster. Consider how much it may cost to rebuild your home completely. Keep in mind that certain home features may be challenging to reconstruct. Also, consider how much it may cost to replace your possessions after a disaster.
Your mortgage lender has specific requirements about home insurance, as well. Your agent can help you get a homeowners insurance policy that meets your lender’s guidelines.
Home insurance also helps provide protection if you or your family is sued for third-party injuries or property damage. Think about the value of your assets and how best to protect them from a liability lawsuit.
What Does Homeowners Insurance Cover?
A homeowners insurance policy may include the following coverages:
- Personal liability coverage may help pay for costs associated with your legal liability for third-party injuries and property damage.
- Dwelling coverage may help replace or rebuild your home after a covered incident or accident.
- Other structures coverage may help pay to rebuild or replace detached structures on your property, including a garage, shed or gazebo, after a covered loss.
- Additional living expenses coverage may help pay for your living expenses if you must move out of your home to allow for covered repairs.
- Personal property coverage may help pay to replace or repair your possessions if they are destroyed or damaged due to a covered event.
If you have concerns about flood damage, talk with your agent about getting a flood insurance policy through the National Flood Insurance Program or a private insurer. Damage due to flooding is not covered under a standard home insurance policy.
Do I Buy Homeowners Insurance Before Closing?
Before your lender will close on your mortgage, you typically must prove that you have a homeowners insurance policy that meets their requirements. The mortgage lender usually requires that you keep your home insured until it’s paid off.
Is Homeowners Insurance Paid in Advance?
If your home insurance is included in your closing costs, you generally pay the premiums in advance. When your mortgage is finalized, your escrow is typically prefunded. Depending on the lender’s requirements, you may need to prepay for your home insurance even if you don’t use an escrow account.
How to Get Homeowners Insurance
Contact AboveAll Insurance today to get appropriate homeowners insurance from a reputable homeowners insurance company at a great rate.