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General Homeowners' Insurance Information

Why should I buy home insurance?

• Owners: To protect both your house and personal property.
• Tenants: To protect your furniture and personal property.
• Everyone: Protection against liability for accidents that injure other people or damage their property.

How much home insurance do I need?

• Asset Protection: More coverage generally means you will have less to pay out of your own pocket if disaster strikes. You must determine the amount you can financially afford to lose. Depending upon your determination, more insurance may be the answer. You should insure your property to the value you believe your home is worth to obtain maximum protection. You need enough liability coverage to protect yourself from lawsuits resulting from your possible negligence.
• Lender Requirements: Your lender may require you to cover the house for at least the amount of the mortgage. This may be too little or too much for your individual circumstances. You are not required to purchase insurance from the insurer recommended by your lender.
• Policy Requirements: Insurers may impose some conditions for replacement cost protection, to include your insuring the property to value.

Where can I obtain information about insurance?

Information is available to consumers from a number of sources. These sources include any public library, the Arizona State Insurance Department, consumer groups, consumer publications, your insurance agent, or your insurance company.