Oro Valley Real Estate - Getting the Right Home Insurance

Standard home insurance policies typically include coverage for the structure of your home, its contents, liability, other structures and additional living expenses.
Structure: If your home is damaged or destroyed and needs to be repaired or rebuilt, your insurance can help pay for these expenses. Structure coverage is not the same as the amount you paid for your home. You need to set your structure coverage for the amount it would take to rebuild your home from the ground up.
Contents: This coverage can kick in if your belongings are damaged or destroyed. Make a home inventory list. To get more coverage for high-value items, you can add a rider policy to your home insurance.
Liability: If someone is injured on your property, the liability portion of your insurance policy can help pay for medical, rehabilitation, and/or funeral expenses, as well as legal fees in the event that the injured party sues you. It’s wise to set your coverage at $500,000 or more, especially if your home includes attractive nuisances, such as a pool or trampoline — as medical and legal costs can add up rapidly.
Other structures: If your home has a detached garage or shed, your insurance can help pay to repair or rebuild it.
Additional living expenses: In the event that your home is destroyed and needs to be rebuilt, this coverage can help pay for living expenses, such as hotel and food bills for the duration of time that you’re displaced.
What is covered?
Standard home insurance policies can cover damage caused by fire, windstorms, hail, lightning, theft, vandalism, explosions, and riots. Typically, water damage, such as that from freezing and bursting pipes, is also covered.
However, damage resulting from floods or earthquakes is not covered. Those types of natural disasters require separate policies and should be purchased if you live in a high-risk area.
What determines how much I pay?
When determining how much your insurance policy will cost, providers take into account:
Your credit score.
Claims history, both your own and the claims history for the area in which you reside.
The location of your home.
The age of your home.
The costs associated with rebuilding your home.
Your proximity to a fire department and hydrant.
Whether you own pets or not.
The coverages you select.
How can I save money on insurance?
There are a few tricks to saving money on your monthly home insurance premiums.
Discounts. Most insurance providers offer discounts for policyholders. Bundling multiple policies, such as home and auto, with the same provider is one of the simplest ways to save on multiple policies. Providers also usually offer discounts for safety features, such as security systems.
Raise your deductible. Raising your deductible will result in lower premiums.
Improve your credit score. Most insurance providers use credit score as an indicator of how likely you are to file a claim.
How do I choose a provider?
Shop around. All insurance carriers are different in terms of coverage and cost. The best way to find the right provider for you is to get quotes from several companies and compare them rather than making a rash decision.