Winter visitors who own real estate in Arizona have unique insurance needs that should be discussed in detail with your insurance agent. Some items to discuss include:
- Is your home vacant part of the year?
- Do you store a vehicle either at your home or with a third-party storage facility? Do you suspend the registration while it is stored?
- Do you rent out your home when you aren’t using it?
This includes short-term rentals such as VRBO and AirBnB.
To make sure you have the right type and right amount of homeowner’s insurance, you need to understand what it does and doesn’t cover. Regular homeowner’s insurance will cover damage from tornadoes, fires and burglary, but it will not cover the calamity of hurricanes, floods, terrorism or nuclear meltdowns.
Basic Principles
- Make sure to get enough coverage to re-build your home from bottom to top.
- Choose “replacement cost” instead of “actual cash value.”
- Regularly inventory your possessions and their replacement costs. Consider a special rider for valuables such as jewelry, furs and family heirlooms.
- Understand “loss of use” provisions. These provisions will dictate how long your insurer will pay rent while your home is rebuilt or repaired.
Best Offerings
- Look at on-line quotes and shop around, in general. Do some research to make sure the company is financially sound.
- Consider the possibility of raising your deductible to keep rates low.
- Get discounts by purchasing homeowner’s and auto insurance from the same company.
- Consider an umbrella policy to protect against lawsuits.
- Ask if special discounts are available. Some companies offer discounts to longtime customers, seniors, and non-smokers.
- Monitor and maintain a good credit score
- Unless you plan to file a claim, don’t report damages.
What Isn’t Covered
- Home office equipment
- Damage from neglect and poor maintenance practices
- Losses caused by pests such as insects, rodents and pets
- Sewer backups and mold
- In Case of Disaster
- Get in touch with your insurance company as soon as possible.
- Begin checking for damage and take photos to document calamity. Make quick fixes and temporary repairs to mitigate further damage.
- Be cautious of repairmen charging exorbitant rates and con artists impersonating insurance adjusters.
- Read the fine print before signing anything! Be careful not to sign away future compensation upon receipt of the first check.
- If a settlement offer is clearly unfair, don’t accept it.
Learning a few simple principles in advance can save you a bundle, should disaster strike. Speak with your insurance agent to gain a better understanding of your homeowner’s insurance needs.
520.838.7660 • ROXINSURANCE.COM
