 |
Not all Arizona home insurance policies are the same; in fact, far from it. Sometimes cheap is expensive when coverage is not there when you need it the most. Unfortunately, to many people don't read their policy and therefore they have no idea what their policy covers, or doesn't cover until it's too late.
Insurance Professionals of Arizona can help you not only get great coverage in your home insurance policy, but also get you a great price. We work with over a dozen insurance carriers and when you call us we will quote all of them for you and pair you with the one that offers the most coverage for the lowest price. Call 480-981-6338 for a quote.
There are two types of home owners insurance policies for single family dwellings. One is an HO3 and the other in an HO5. These policies offer very different types of coverage. For the dwelling itself, both policies offer Open Peril Risk, which is good. Open peril means, unless the peril is excluded in the policy, then it is covered. This offers the home owner the broadest range of coverage. However, on your personal property or the contents of your home, an HO3 and HO5 can be very different. An HO3 policy only offers "Named peril" on contents. There are only 16 named perils that the policy will cover. If your property isn't damaged by 1 of the 16 perils covered, there is no coverage. 16 Perils isn't very many. An HO3, in most cases, can be endorsed or upgraded to "Open peril" on contents but what if your agent never talked to you about that.
Let me give you an example. A couple lives in a nice 2 story home. They go on vacation and while they are gone, the upstairs bathroom toilet begins to leak. The water pools up, and eventually begins to seep through the floor to the first story. The water drips through the ceiling of the first story and lands on the baby grand piano filling it with water. This goes on for 10 days until the couple returns home to find the damage is done. The water has warped the wood of the piano and ruined it. In this scenario, both policies would respond similarly on the damage to the dwelling/structure and would pay for the damages. However, because water damage is not a named peril for contents on the un-endorsed HO3 policy, the baby grand piano would not have coverage under the HO3 policy as under the HO5 it would.
For a free review of you home owners policy and a free quote call 480-981-6338 or visit us ONLINE.