The state does not require that you have home insurance, but if you are financing your home with a mortgage, your lender will likely require that you have insurance to protect the home. If you live in an area that is prone to flooding, you may be required to have additional flood coverage. Once you pay off your mortgage, you aren’t technically required to have it, but it's still something you may want to consider since disasters can strike at any time.
Home insurance in Arizona will cover the dwelling, as well as any attached structures on the property. It will cover any personal property, which includes electronics, furniture, and clothes. There are limits on personal property for expensive items, such as jewelry. Your home insurance will also cover the loss of use and will pay for additional living expenses if you have to move out of your home while it is being repaired. You will be given some liability coverage that can help protect you in the event of a claim of injury, and it can provide for defense in the event of a lawsuit. An agent at Magelan Group PLLC can help make sure you have adequate coverage.
Home insurance will have the same basic components. The declarations page will have the name and address, dollar amount, description of the property, cost of insurance, and contact info. The policy will have insurance for both the property coverage and liability and any exclusions for both property and liability. It will also outline the conditions and the responsibilities of both the insured and the insurance company and explain what to do in the event of a loss. There will also be a section for endorsements or any attachments that will alter the standard coverage. This is where any riders for expensive items would be listed.
Contact Magelan Group PLLC to get a quote on home insurance.