Phoenix home insurance coverage is considered by many to be just one more evil necessity of home ownership. Every home owner must buy insurance if he still has a mortgage. Unlike the popular title insurance, this type of coverage handles the real estate and personal property inside.
Policies also have options called “riders” where additional personal property such as jewelry, furs, high end electronics (home theater equipment), etc.
Some geographic areas fall within zones that require even more insurance such as flood insurance. Flood insurance comes in two types: mandatory and optional. If you live in a flood zone such as within a few miles of the coast, you will be required to have flood insurance. If you do experience a flood caused by a storm, only your flood insurance policy will cover your losses. If you don’t live in a flood zone it’s still a good idea to have flood insurance if you live within a reasonable distance from the official flood plain.
Each state has some type of agency or board of overseers that regulates the state’s insurance companies. These boards not only monitor insurance rates, they also act as an investigation force if you have a complaint about your insurance company. If you have a problem that you can’t resolve using the regular channels, contact your state’s agency and ask how to file a formal complaint. The board will do a preliminary investigation and keep you posted as it progresses.
Insurance is expensive. To reduce the overall costs you may consider opting for a higher default deductible. You can also reduce your estimated value for furniture. This is an area where many consumers tend to over purchase and over pay.
Choose select items based on their individual value – antiques, designer made, custom built, etc. You don’t need to insure that hall table.
Also make sure you are insuring your home for replacement value, not what you paid for your home. If you have used the same company for years you may not pay attention to anything except the renewal notices, and not review the policy.
Should you ever put in a claim and you feel that you are being compensated unfairly, hire a public adjuster. They have been trained to deal with stubborn insurance companies and they know how to renegotiate your claim and settlement offering.
Learn more about Tempe home insurance. Stop by Lee Hines’s site where you can find out all about home insurance in Tempe and what it can do for you.