Homeowner’s Insurance policy premiums are determined using several factors. Such considerations include square footage of your home, neighborhood crime rates and how likely your community is to have certain natural disasters. Some of those are already great here in Gilbert, AZ as we have such a low crime rate.
Coverage levels also have an impact on your premium. Here are the options to consider:
Actual Cash Value- This replaces your home and/or possessions using at a depreciated cost.
Actual Cash Value = Replacement Cost – Depreciation
Replacement Cost- This replaces your home and/or possessions without depreciation. This costs more that Actual Cash Value, but always proves worth it in the time of a loss!
Guaranteed replacement cost- This pays what is costs to rebuild your home back to the way it was prior to the disaster.
Some ideas for keeping your homeowners insurance premiums low include purchasing homeowners insurance and car insurance from the same insurance company. There are often discounts for bundling policies. Also, you might save upwards of 25% just by increasing the policy deductible to $1,000 from $500 or $750. Always make sure to ask about other possible discounts as well. It never hurts to ask and it always feels good to save!
Give us a call at Insurance Professionals of Arizona so we can help you start saving today! (480) 981-6338