Posts made in May 2020

When you’re talking about insurance policies, “bundling” refers to purchasing multiple lines of coverage together, such as auto insurance, home insurance, and more. Contact your local insurance company in Peoria, AZ, to find out all the different policy types that you may bundle up and save some cash on. Here are some other considerations:

Discounts

Almost all insurance companies offer a discount if you purchase combined insurance coverage from them. The amount of money you could save varies depending on the company and the products you choose to bundle. By choosing to bundle your policies with one insurance company, you could save 10% to 20% on each policy.

Convenience

If you buy all your insurance policies from the same company, you will only have to deal with that one company, meaning fewer things for you to manage on your “to-do list.” It can certainly help make life admin easier for you and ensure that you get the best deal in the market.

Deductible Requirement

A “deductible” refers to the amount that you will have to pay when filing an insurance claim with your insurance company. You pay a deductible, and then your insurance company pays the rest of the expense up to the coverage limit. If you need to file a claim of $2,000 and your deductible is $500, then you would pay $500 and your insurance company would pay $1,500. By combining policies, your insurance company may accept one deductible for both your home and vehicle should both be affected by an accident.

In the event of a disaster, you’ll need enough homeowners insurance to rebuild your home, to help replace your belongings, to defray costs if you’re not able to live in your home, and to protect your finances in the event of liability to others. Here are a few guidelines to help determine the coverage you may need.

Determine How Much Insurance You Need For Your Home’s Structure

Standard homeowners insurance in Peoria, AZ, provides coverage for disasters such as damage due to fire, lightning, hail, and explosions. For those who live in areas where there is a risk of flood or earthquake, you will need separate coverage for those disasters as well. In any case, you’ll need the limits on your policy to be high enough to cover the cost of rebuilding your home.

Significant Factors That Could Impact Rebuilding Costs

• Local Construction Costs
• The Square Footage of the Structure

For a quick estimate of the amount of homeowners insurance you will need, multiply the total square footage of your home by local, per-square-foot building costs. You can find out construction costs in your community by calling your local real estate agent, builders association, or insurance agent.

Details That Can Impact Home Rebuilding Costs

• Style of the house (for example, ranch or colonial).
• Type of exterior wall construction.
• Number of bathrooms and other rooms.
• Other structures on the premises such as garages and sheds.
• Special or unique features such as fireplaces, exterior trim, or arched windows.