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Your home is more than just your number one asset; it is where you live and raise your family, so you should protect it with the best homeowners insurance Arizona has to offer. Your policy should offer coverage that reflects your individual needs and desires. Most importantly, you should have a policy that completely safeguards your investment. In the event of a calamity, the last thing you want to have to ask is “Do I have enough insurance?”Here are some simple guidelines that will help ensure that you have the right sort of coverage: Plan for the future While most homeowners are sure that they are covered for the fair market value of their home, most do not understand that unless specifically endorsed on your policy, that amount does not usually adequately cover the cost of rebuilding your home in the event of a total loss. For example, a home valued and insured at $150,000 a few years ago might cost $200,000 to completely rebuild at today’s prices. Put another way, you could end up with a $50,000 shortfall. Make sure that your policy offers guaranteed replacement. Remember your belongings If you have a lovely home, it is probably filled with lovely things. If the furnishings, appliances, decorations, and electronics that you have acquired over the years were lost due to a calamity, you would want and need to replace them. However, many policies treat your loss like a yard sale, offering only market value for the “used” possessions you lost. You, on the other hand, will have to buy new things at today’s prices. Make sure that the full replacement cost of the contents of your home is included in your coverage. Document everything One of the hardest things to do when faced with an insurance claim is remembering everything that was lost. To make this task a lot less onerous and haphazard, go through each room and take pictures of the items in your home. Keep a list of model and serial numbers, and whenever you purchase a new item that you may claim in the future, also make a copy of the receipt. Likewise, if you do any home improvements, keep a copy of the contract. Send these copies to your insurance company, and keep your originals in a secure location. This will make it easier to both submit a claim and to prove the value of your items. You hope you never have to make a claim with your homeowners insurance in Arizona. However, should the possibility become a necessity, there can be peace of mind knowing that you have taken steps to get your life back to normal as soon as possible. For more information with homeowners insurance in Arizona, please visit us on our website.
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