If you own a home in Arizona, you are encouraged to purchase homeowners insurance coverage that provides protection for your home and the personal belongings in your home. Your homeowners insurance policy should also cover losses that result from accidents that occur in your home.

The amount of coverage you need is dependent on a number of factors, such as the size and value of your home, the value of your personal property, and the amount of expenses that you can pay easily and quickly out of your own pocket in the event you are held financially responsible for an accident that takes place on your property. If you are planning to apply for a loan, lenders may require you to have homeowners insurance, but you are legally not obliged to purchase insurance from the insurer that is recommended by your lender.

There are many different types of Arizona homeowners insurance coverage that you can purchase in Arizona, and the most common ones include property damage coverage, contents coverage, personal liability coverage, medical payment coverage, and additional living expense coverage.

Property damage coverage – This coverage provides protection against perils such as fire, lightning, hail, and windstorm, but it does not cover disasters such as earthquake and flood.

Contents coverage – With this coverage, you can claim compensation for financial losses that you suffer because of theft or damage of personal effects in your home, such as clothing, electronic devices, jewelry, and others.

Personal liability coverage – Personal liability coverage will protect you and your household against lawsuits and claims that result from property damage or physical injuries that you are held accountable for by the court.

Medical payment coverage – Medical payment coverage covers the medical expenses that are incurred because someone is accidentally injured in your home or the immediate area surrounding it.

Additional living expense coverage – Additional living expense coverage gives you reimbursement for additional expenses that are incurred when your damaged home needs repair and you have to stay somewhere else for the time being.

When you are purchasing homeowners insurance in Arizona, you can avail of some discounts that can save you a substantial amount of money. If you purchase your homeowners insurance and auto insurance from the same insurance carrier, you may be eligible for a discount. Other types of discounts that are available include claims-free discount and security alarm discount.