Homeowners Insurance in Phoenix and Yuma, AZ
Homeowners insurance is more than just a requirement often imposed by mortgage lenders. Without it, you may have to cover expensive losses out of your own pocket, potentially resulting in severe financial consequences.
What Is Homeowners Insurance? 
Homeowners insurance may financially protect your property and your personal belongings from covered risks like fires, theft and vandalism. It may also be helpful if you were held liable for someone else’s injuries or if you caused damage to another party’s property.
A standard policy may provide the following:
- Dwelling coverage may cover your home’s repair costs in case of damage caused by fire, lightning, some natural disasters, theft or vandalism.
- Structure Other structures coverage may cover the repair costs of detached structures like a garage or a shed.
- Personal property coverage may pay for the repair and replacement of your appliances, clothes, electronics or furniture.
- Liability coverage may cover losses and expenses if you’re at fault for someone else’s bodily injuries or property damage.
- Loss-of-use coverage can help pay for additional living expenses, such as alternative accommodations and transportation, if you have tomust leave your home due to a covered incident.
How Does Homeowners Insurance Work?
To obtain homeowners insurance, you must apply for a policy and provide various information, including your address, details about your home, your credit history and your required coverage. This information will help the insurer assess the risks associated with your home and determine the appropriate premium and coverage.
Is Homeowners Insurance Required?
No, Arizona law does not require homeowners insurance. However, your lender may ask you to submit proof of insurance if you have a mortgage on your home. Even if homeowners insurance is not required, it’s still recommended that you insure your home if you want to safeguard your finances and your property.
Contact Best Buy Insurance today to learn more or request a quote.