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Why Home Insurance Is The Most Crucial Product You Need

The average price of a home in Arizona is up 8.1% to $240,600. With such a large sum invested in your property, it’s crucial that you protect it. However, research from CoreLogic has revealed that the average American property is underinsured by as much as 20%. To put that into perspective, your insurer would pay just $200,000 to rebuild a property with a rebuild value of $250,000. While, getting a great deal on home insurance is important to most homeowners, ensuring you have the appropriate level of cover is of more value.

Homeowners insurance
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Your responsibility

As a homeowner, it is your responsibility to ensure that the details your home insurer holds are accurate at all times. You must declare renovation work which boosts the value of your property and request your ex-partners name is removed from the policy should you separate from your spouse in later life. This is particularly important as coping with a divorce is an essential part of moving on, but, if your ex-spouse’s name keeps appearing on your insurance paperwork, it can re-trigger emotions. Changes should be made to your policy as and when they happen. And, you should never let your policy auto-renew without first checking and updating your details. This is also the ideal time to shop around as Consumer Reports advises that just 9% of homeowners have switched providers within the past year, bust savings topping $1,000 can be made.

Protecting your personal belongings

Across America, a burglary occurs every 18 seconds. With the average loss coming in at $2,251, it can be expensive to replace your stolen items. But the good news is that your insurer will help you replace your goods. According to Consumer Reports, 22% of homeowners don’t file small claims as they worry it will increase their premiums. However, 57% who did file a claim for less than $5,000 state their premiums weren’t impacted. So, if you do fall victim to theft, don’t be afraid to utilize your insurance policy.

Giving you peace of mind

According to Statista, the average home insurance policy costs $1,173. While this might sound like a hefty sum, it’s actually good value for money. Hurricane season is a particularly worrying time for homeowners. Thankfully, Arizona typically sees just the tail end of hurricanes, but significant damage can still be caused, as Hurricane Octave in 1983 proved when $370 million worth of damages occurred. To ensure your home is fully covered for such weather, you will need additional flood, earthquake and hurricane protection. These are usually purchased separately. 56% of homeowners incorrectly believe that flood insurance is covered by their current policy. Therefore, it’s worth double-checking your policy now to ensure this is the case. Should you discover that it isn’t protected, take out a policy right away as this will provide you with the peace of mind that your home will be rebuilt and repaired following any natural disaster.

Home insurance is one of the most valuable products any homeowner can take out. So long as you keep your insurer up to date with any changes and take out the appropriate cover you can rest easy knowing you’re covered for any eventuality.