Whether you are still paying the mortgage or you have totally paid off your home, having home insurance to keep it protected is important. If you are renewing your policy or even purchasing a new Arizona home insurance policy, more than likely you will want to know what is usually covered on a standard Arizona homeowner's policy. Usually there are four specific things that you can expect to be covered by your policy, including the structure of your home, your personal belongings, liability protection, and additional expenses you may have if you lose your home.
The Structure of Your Home
Most homeowner's policies will cover the structure of your home. This type of coverage will provide you with the money you need to rebuild your home if it is destroyed. However, it is important to note that home insurance does not cover floods, earthquake damage, or even problems with your home that come because you left it in disrepair. Usually your homeowner's policy will also cover structures that are detached from your home to some extent as well. To learn more about available coverage types for your home structure read Arizona Home Insurance Coverage - find out the amount you may need.
Your Personal Belongings
Your homeowner's insurance policy will also cover your personal belongings as well. As a general rule, you will find that your belongings are going to be covered for between 50-70% of the amount of insurance that you have on your home. So, if you have $300,000 of coverage on the structure of your home, you will usually have between $150,000 and $210,000 on the belongings that are in your home. If you have expensive jewelry, it may only be partially covered, so you may need to look into extra coverage for valuables like expensive jewelry.
Liability Protection
You will also find that usually your standard Arizona home insurance policy will also have liability protection as well. This protects you if someone else has an accident in your home, or if you, a family member, or pet causes damage to someone else or their property. Liability protection will provide the money for legal and medical expenses and will help to keep your assets safe in case you are sued. While most liability coverage starts out around $100,000 you will usually want to have more than that.
Additional Expenses
If something happens to your home, you are probably going to need some money for living expenses while your home is being rebuilt or you are finding a new home. Usually home insurance policies will also include coverage for these additional expenses. It will help to pay for your meals, hotel expenses, and other types of expenses. Most policies come with coverage for additional expenses of up to 20% of the amount of coverage you have on your home.
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