How much home insurance do you need? This is a question that many people ask, but it can be difficult to answer. The amount of coverage you need depends on a variety of factors, including the value of your home, your possessions, and your liability risk. Here we discuss some tips for determining how much home insurance you need.

Home Insurance: What You Need To Know

1. Evaluate the Value of Your Home

If you own a home, chances are it’s your most valuable asset. The amount of coverage you need should be based on the value of your home. You can use an online home value estimator to get an estimate of your home’s value.

Once you have an estimate of your home’s value, you’ll need to decide how much coverage you want. Typically, homeowners insurance covers the dwelling, or the house itself, as well as other structures on the property (like a detached garage). You can choose to insure your home for its replacement cost value or its actual cash value.

2. Consider Your Possessions

Your possessions are also covered under a homeowners insurance policy. To determine how much coverage you need, make a list of your valuable items and estimate their worth. You may want to consider getting additional coverage for particularly valuable items, like jewelry or art.

Remember that standard homeowners insurance policies have limits on the amount of coverage for certain items, like electronics or jewelry. If you have items that are worth more than the limit, you’ll need to purchase additional insurance to cover them fully.

3. Consider Your Liability Risk

In addition to insuring your home and possessions, a homeowners insurance policy from Precision Insurance Team in Mesa, AZ also provides liability coverage. This coverage protects you if someone is injured on your property or if you’re sued for damages.

To determine how much liability coverage you need, consider your assets and income. You’ll want to purchase enough coverage to protect your assets in the event that you’re sued.

Give Us A Call

These are just a few tips for determining how much home insurance you need. The Precision Insurance Team in Mesa, AZ can help you select the right amount of coverage for your needs. Contact us today to learn more.

Home insurance and homeowners insurance are two separate coverage options for your home. While these coverage options are similar, the only difference separating these coverage options is homeowners insurance covers more than the structure of your home. If you’re looking for home insurance in Mesa, AZ, the Precision Insurance Team can help. 

What Is Included In a Standard Home Insurance Policy?

A standard home insurance policy in Mesa, AZ includes different coverage options. These different standard coverage options include:

Home Structure and Property

Home insurance gives you financial protection for your home’s structure as well as any property in the home in the instant a covered event occurs.

Additional Living Expenses

Home insurance also covers your additional living expenses that incur while you’re making repairs. These additional expenses can include lodging and dining.

Liability Protection

A standard home insurance policy has liability protection. If someone is injured while on your property, or you are held accountable for damaging someone’s property, your liability policy will help cover the expenses.

What Are the Different Types of Home Insurance Policies?

There are different types of home insurance. If you have a different type of home loan, you will most likely have an HO-3 policy, which is the most common type of Mesa AZ home insurance. HO-3 policies often include:

• Housing coverage
• Covering other structures
• Personal property coverage
• Responsible 
• Medical payments
• Additional living expenses

Each type of home insurance policy covers different risks, such as water damage, fire, and theft. 

How does homeowners insurance work?

The home insurance journey can be broken down into different steps, each with its own set of considerations. Understanding each step can help you understand how your policy works.

Here at the Precision Insurance Team, we are ready to help you choose a home insurance policy that fits your needs. Contact us today to learn about our insurance services and how we can help you.

Buying home insurance can be a nerve-wracking endeavor. There are plenty of things to consider, and you want to make sure that you’re getting the right coverage. At the Precision Insurance Team, we know that Mesa, AZ residents want to avoid insurance mistakes. Here are three of the most common ones you should avoid. 

Buying the Wrong Coverage Amount

Arizona may not require homeowner’s insurance, but that doesn’t mean you won’t need it anyway. Your bank or mortgage company might require it, even if the state doesn’t. When these institutions do require proof of insurance, a lot of homeowners choose the bare minimum policy. Unfortunately, that policy may not be enough. When disaster strikes, many of these homeowners spend a lot of money out of pocket. 

Forgetting Rebuilding Costs

Some homeowners forget the cost of rebuilding when they buy home insurance. They think about the overall value of their home instead. Of course, the cost of your home does matter. However, the cost of rebuilding your home may be different than your home’s market value. When it comes to insurance, rebuilding costs matter most. Think about these costs before you purchase your policy. 

Not Asking Questions

Just like with any major purchase, you should do your research when you buy home insurance. A lot of new homeowners don’t do that. They buy the first policy they find without giving it a second thought. Don’t make this mistake. Your insurance agent should be more than willing to answer your questions. If you’re curious about your coverage options, just ask. 

And if you live in Mesa, AZ and want to discuss home insurance, the Precision Insurance Team is more than happy to answer your questions. Get in touch with us today to discuss your options. 

If you own a home in Arizona, you are going to need home insurance. However, you need to be familiar with what your insurance policy covers. The professionals at Precision Insurance Team, an insurance company that serves the residents of Mesa, AZ, understand that a lot of homeowners don’t understand what is and isn’t covered until it is too late, which means a loss has already occurred.

So, What Does Homeowner’s Insurance Cover?

As a general rule, homeowner’s insurance will cover any kind of damage that occurs as a result of thunderstorms, hail, lightning, theft, and vandalism. Any kind of damage your home sustains due to a flood or earthquake is typically not covered. However, you can protect yourself and your home from this type of damage by purchasing additional and separate coverage.

What Type of Coverage Is Offered by Homeowner’s Insurance Coverage?

In the event that you do sustain damage from one of the covered events outlined in your policy, what kind of coverage can you expect?

Dwelling Coverage

This type of coverage will pay to either repair or rebuild everything in your home. Because these costs can be exorbitant, you need to sit down with an insurance agent to make certain you have the proper coverage limits to repair/rebuild your property.

Additional Structures Coverage

This type of coverage pays to repair or replace other structures on your property, such as a detached garage or shed.

Personal Property Coverage

This type of coverage covers your personal property up to a certain amount in the event it’s damaged or destroyed in a policy covered event.

Liability Coverage

This type of coverage covers your personal property and will cover legal defense costs in the event legal action is taken against you after someone is hurt on your property.

Loss of Use Coverage

This type of coverage covers your living expenses in the event you must stay somewhere else, such as a hotel, while your home is being repaired or rebuilt.

Visit or call Precision Insurance Team to learn more about homeowner’s insurance and what options are available to Mesa, AZ homeowners.