Each homeowners insurance quote is a package of several different coverage types. Coverage needs vary based on the circumstances of individual homeowners, so determining how much coverage you need is often the first step when getting quotes. Most insurance companies have a tool to determine an estimated rebuilding cost of your house, and several other coverage types are generally a percentage of the coverage level on your dwelling.

When peril hits, the right insurance policy may be all that stands between the homeowner and financial hardship. For that reason alone, a comprehensive policy is worth its weight in gold. However, when a homeowner makes a claim, they can expect the homeowners insurance premium to increase for a time.
Your home insurance quotes will likely differ between companies. That’s because every company determines your home’s value with its proprietary algorithm.

A standard Arizona homeowners insurance policy includes the same coverage’s typically offered in other states, including fire, theft, storm damage, liability, and more.
Homeowners have plenty of choices when it comes to Arizona homeowners insurance companies, Home insurance is often seen as a commodity: Besides pricing, coverage at one company appears just as good as coverage at the next.

While affordability is definitely something to look for, we think there are many long-term advantages to selecting an insurer whose policy details match your needs– even if the premium isn’t the lowest around

A homeowner’s insurance policy can be like a financial security blanket for what may be the single largest purchase of a person’s life. The right policy should help protect you from the costs of rebuilding after a fire, replacing stolen items, repairing your home from storm damage, or from liability claims if someone is injured on your property.
Standard policies from all home insurance companies will include coverage to repair or replace an Arizona home following damage from fire, theft, or vandalism, along with storm damage such as a falling tree limb, lightning, or hail. Standard policies also provide funds for alternate lodging if you and your family need to relocate while your home is being repaired or rebuilt.

Different types of homeowners coverage

Homeowners coverage is never a one-size-fits-all proposition.  Policies range from basic coverage to policies with all the bells and whistles. The best Phoenix Arizona homeowners insurance companies offer them all.

HO-1: The most basic and limited type of policy for single-family homes, HO-1s are all but nonexistent nowadays

HO-2: A more commonly used policy and a slight upgrade from the HO-1

HO-3: The most common type of homeowners insurance policy with broader coverage than the HO-2

HO-4: A policy type that is specifically for renters

HO-5: The most comprehensive form of homeowners insurance and the second most common policy type for single-family dwellings

HO-6: A type of coverage designed for condo owners

HO-7: The type of policy you get if you own a mobile or manufactured home

HO-8: A special type of homeowners insurance for older homes that don’t meet insurer standards for other policy forms

Level of coverage

While it’s true that some insurance is better than none, a bare-bones policy may not fully cover all losses. The best move is to shop for a level of coverage that does not require the homeowner to provide a large sum of money following a perilous event.

Amount of deductible

When a homeowner makes a claim, they typically pay a deductible toward the cost of repair or replacement. Let’s say there’s a small fire and the cost of repair is $12,000. If there’s a $500 deductible on the policy, the homeowner pays the contractor $500, and the insurance company covers the remaining $11,500. The lower the homeowner’s deductible, the higher the policy premium. One way of keeping costs low is to choose a higher deductible.
Homeowners insurance policies typically include the following types of coverage.

Hazard insurance

Hazard insurance pays for covered losses, such as those resulting from:
• Wind.
• Fire.
• Hail.
• Smoke.
• Vandalism.
• Civil commotion.

Depending on the specifics of each policy, homeowners should generally have coverage for their home as well as for other structures on the property, such as a shed.
Hazard insurance may exclude specific types of damage, such as losses from a flood or a sinkhole. For properties susceptible to these risks, purchasing optional additional homeowners insurance coverage may be advisable.

Loss of use.

Loss of use is a type of homeowners insurance that pays for alternative living accommodations after a home is damaged. For example, this type of home insurance might pay for a rental house while a covered property is being rebuilt after a fire.

Personal property coverage.

Personal property coverage pays for a policyholder’s possessions. Typically, these possessions are covered even when away from the home. A computer that’s stolen out of a car may be covered.
Personal property coverage usually imposes limits on the amount the home insurance company will pay for specific kinds of property. For example, a homeowners insurance policy might cover a maximum of $1,500 worth of jewelry regardless of whether the property owner had a valuable jewel collection.

Liability coverage.

Liability coverage protects against loss resulting from injuries sustained on the property. If a homeowner is sued after a visitor falls down the stairs, home insurance could pay the bills. The homeowners insurance would cover legal costs. It could also pay for medical expenses, lost wages, and the victim’s pain and suffering.