What You Need To Know
Are you a current resident, or future resident of Gilbert, Arizona? This upper-class suburb of Phoenix has been growing rapidly because of its steadily improving economic, social, and housing landscape.
You may already own the home of your dreams, or maybe you’re still looking for the right one; in any case, it’s a good time to make sure you have the right home insurance policy for your Gilbert home.
If you know exactly what you’re looking for in a homeowners insurance, then that’s great! But the fact is, many are still at a loss when it comes to choosing the right policy or home insurance company.
Although the majority of today’s homeowners agree that insurance is – in one way or another – necessary, different people have different views and opinions about getting insured. While there certainly are informed homebuyers out there who recognize the implications of not having adequate coverage, most people only buy insurance to comply with their banks’ mortgage or loan requirements.
If home insurance is an unfamiliar territory to you, let an expert at Bennett & Porter provide valuable insight into its nature and scope.
Home Insurance in Gilbert AZ and How It Works
Homeowners insurance is a type of property insurance for private residences. To qualify for coverage, you – the homeowner – have to make regular payments to the insurer. Basic policies usually cover both property and liability insurance and are the most budget-friendly.
Perhaps the most popular question about home insurance Gilbert AZ(and basically every other type of insurance) is, “Why do I need this?” And while the primary purpose of paying for coverage can vary from person to person, these three are the top reasons why people are having their homes insured:
- Property coverage – Homeowners insurance is one of the best and the easiest ways to protect your home and personal belongings from damage. Insurance can help pay for structural repair or the replacement of broken items as specified in the policy.
- Liability coverage – The law may hold you responsible for an accident/injury that happened within your property even if you or your family members have nothing to do with it. The liability coverage of your insurance helps ease the possible financial burden from lawsuits, legal responsibilities, and medical bills related to the incident.
- Mortgage/lender requirements – As previously mentioned, your bank or lender will insist to see proof of home insurance coverage prior to the approval of your mortgage. The insurance will be paid for the life of the mortgage, with the lender listed as the policy’s mortgagee.
Homeowners Insurance Gilbert AZ: Scope of Coverage
You need to understand that the home insurance coverage will only take effect if the loss or damage is caused by any of the perils specified in the policy, which may include:
- Fire and smoke damage
- Wind and hail damage
- Rain damage
- Fallen trees/branches
- Aircraft or vehicle damage
- Ruptured pipes
Any structural damage or loss from perils not mentioned above or in your policy copy could be excluded from your primary coverage. Case in point: a lot of people think that everything and anything is covered, but in fact, it could not be.
Other exclusions to the policies may include:
- Land movement (landslides, earthquake, etc.)
- Pets, insects, and rodents
- Wear and tear
- Intentional damage to home and belongings
Cost of Home Insurance
How much does home insurance cost?
What is the average cost of home insurance these days?
The truth is, it’s tough to come up even with a ballpark figure. You see, there are plenty of factors involved in the computation of insurance premiums. Furthermore, the rate may depend on the scope of your coverage and can vary from state to state. The trick is to shop around for the best deals.
For years, Bennett and Porter has been attending to the various insurance needs of Gilbert residents and neighboring areas. Should you need home insurance in Gilbert AZ, we offer several coverage options to suit the varied demands and budget of our clients.
With us, you get what you pay for. And more!
Call us now at 480-212-1150!