Know what is covered by your homeowners insurance in Glendale, AZ. Many people have outbuildings such as sheds, garages, decks, and fences on their property, and they want to ensure these items are covered, should something happen.
The Basic Homeowner’s Policy
A general homeowners insurance policy will typically include the coverage for outbuildings and other related structures that are a part of your property. But what qualifies as a detached structure that would be included in this type of policy coverage? A structure mustn’t be attached to the home to be covered under this particular classification. Here are some of the types of structures that fall into the “Detached Structures” category of your policy.
- Detached garages
- Pool house
- Tool Shed
- Swing Set
Types of Outbuildings Not Covered Under the Policy
Homeowners insurance usually covers anything on your property that is not connected but still on your property. But there are exceptions. For example, anything not considered a purely residential structure will not be covered under your homeowners insurance policy. If there is a structure on your property where you house your animals, this will most likely be included in your coverage. However, if you house animals that are sold for profit and part of your business, then you will need to get a separate commercial policy to cover the structure. It’s best to double-check and ensure all buildings are covered by your policy, just in case.
People commonly ask, “What is commercial insurance coverage?” The answer to that is, like many industries, there are two parts to the insurance industry. One part of the insurance industry is focused on serving the needs of individuals, and this is most often referred to as B2C or “business to consumer.” But there is also a B2B side to the insurance industry, which is shorthand for “business to business.” This is when businesses provide services and products to other businesses. Commercial insurance in Peoria, AZ, is insurance coverage for businesses, and it is provided by the insurance businesses, which makes it part of the “B2B” sector.
What Commercial Insurance Covers
Keep in mind that commercial insurance coverage isn’t a product per se, rather, it’s a term used to define a specific set of insurance products that are designed to help businesses protect themselves from losses resulting from the risk of operating a business. For a complete list of commercial insurance products, it’s best to consult with your insurance agent directly, but here are some of the more popular commercial insurance products:
- Business Liability Insurance Products
- Commercial General Liability Insurance
- Commercial Property Insurance
- E&O / Professional Liability Insurance
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:
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.
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.
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.
Homeowners insurance doesn’t offer unlimited coverage for every possible mishap. Contact an insurer and discuss homeowners insurance in Glendale, AZ, to get expert advice. Here are some of the bigger myths about homeowners insurance that you may want to know.
Coverage Should Match a Home’s Value – You’ll want to carry enough insurance to cover rebuilding your home in the event of a loss. The purchase price may be more or less than that.
My Business Is Covered – Most home insurance policies exclude business liabilities. You will need to consider purchasing a business insurance policy that includes property and liability coverage.
Flood Damage Is Covered – There are some instances when your homeowners insurance policy might cover water damage, but a flood isn’t one of them. You’ll need a separate flood insurance policy.
Jewelry and Family Heirlooms – Standard home insurance policies include limited theft coverage for jewelry and valuables. If you have jewelry or other items that are worth more than your policy’s limit, you’ll need to raise the limit on your policy.
Termite Damage – Termite infestation is usually excluded from standard homeowners insurance policies. Insurers expect us to maintain our homes. An infestation can arise from a lack of proper maintenance. Have your home regularly inspected for termites and work with a pest control company to eradicate any issues.
Many people know that bundling insurance coverages with the same company can save you money or that being claims-free may give you a discount. However, there are also some less obvious credits for homeowners insurance in Peoria, AZ, that people may not know about.
Home Improvement Credits – When people update roofs, windows, or wiring, many risks will be reduced. Make your insurance company aware of home improvements to see if you get credits.
Loyalty Credits – These are discounts an insurance company may provide to long term customers.
Good Credit Score Discount – Homeowners insurance providers have found that a good credit score is directly related to lower claims incidence.
Gated Community or HOA (Homeowners associations) credits – Living in neighborhoods with increased security, like camera monitoring and 24-hour security guards, may qualify for discounts.
New Homeowner Credit – It is not available with all homeowners insurance, but if you are a first-time homeowner, it is worth asking.
Alarm Systems (monitored) – Do not forget to tell your insurance company about all monitored alarm systems.
Dry Hydrants (for rural areas without a fire hydrant) – Investment in a dry hydrant may save significant money on home insurance premiums.
Non-Smoker and Other Personal Discounts – You may be eligible for other discounts based on your occupation or employer, membership in organizations, whether you have a university degree, etc.
High-value home insurance providers offer comprehensive coverage for buildings that are deemed of higher-than-average value. It’s one of the best choices of insurance packages available for qualifying properties. These include high-value condos, heritage homes, or those with special features or design elements. Choosing the right insurance for your high-value home is an important consideration if you want to maintain your lifestyle.
It’s important to remember that not every residence qualifies for high-value home insurance. You should only consider high-value homeowners’ insurance if:
- The home is worth between $750,000 and $1,000,000 or more.
- The home features unique design elements. For example, if you recruited an interior designer to help you decorate your home or an architect designed it.
- The home is a heritage home or has older construction features inconsistent with common construction methods or practices.
- You have expensive or priceless works of art, collections, jewelry, rugs, wine, or other unique items inside.
- You have a green home or have invested in environmentally friendly design and construction or heating.
- The features on your property are unique, such as luxurious outdoor living spaces, guest houses, swimming pools, or one-of-a-kind landscaping.
When you want to make sure your policy limits are high enough to cover all your assets, high-value insurance is the way to go. When you’re looking for high-value homeowners’ insurance in Glendale, AZ, Henderson Anderson Insurance can help you find the right policies that fit your lifestyle and offer you the peace of mind you deserve.
You have a lot invested in your contracting business, and you want to protect it as best you can. The solution is simple: get the most complete policy you can find for business insurance in Peoria, AZ.
The biggest reason to purchase insurance coverage is to provide protection. A comprehensive policy lets you know you have resources in place for your contracting business. This applies to you as the business owner, your employees, and your customers.
It’s not pleasant to think about, but there may come a time that property damage occurs during a project or a customer decides to file a lawsuit or maybe an injury occurs during the job. This is when the insurance becomes worth its weight in gold. It gives you the knowledge that you have protection to call upon, and you aren’t looking at major out-of-pocket expenses.
Business insurance in Peoria, AZ, also covers other aspects of your company as well. Contractor tools are expensive, and replacement costs are high, so it makes sense to include them in the policy along with vehicles and other equipment.
It’s also helpful to be able to point out to potential customers that you’re fully insured for the work you provide.
A reputable insurance agent in Glendale, AZ, will always try to get you the best coverage for your situation. No matter how skilled the professional, however, the results you come away with always depend on your ability to effectively communicate your needs. In order to fully understand your options and help your agent guide you through the purchasing process, you need to know the right questions to ask. Here are three examples from the team at Henderson Anderson Insurance:
How Do I Plan for Life Changes? — Your insurance should reflect your lifestyle, and that changes as the years go by. If your family is growing or encountering new challenges like home ownership or learning to drive, your agent can help you anticipate the coverage you should consider to account for them.
What Should I Buy When I Move Out? — If you’re fresh out of school or plan to start living on your own soon, insurance is a vital part of protecting yourself from future problems. Your agent can explain transitions from parental or partner coverage, buying rental insurance, and other important first-time considerations.
How Can I Cover My Home Business? — Thanks to the internet, it’s easier than ever to run a thriving company from the comfort of home. Depending on the nature of your business, however, you might need anything from an added endorsement on your homeowner’s insurance to an entirely new policy.
In almost every state, drivers are required to have a minimum amount of liability car insurance. Unfortunately, that doesn’t mean every driver on the road is following the laws. You might be surprised to find out that about one in eight drivers actually do not have auto insurance in Peoria, AZ. And if these drivers are ignoring this law, there is a good chance they are ignoring other traffic laws as well.
So what do you do when you are in an accident with an uninsured driver? As a savvy driver, you want to do everything you can to protect yourself. The first steps should be to call the police, swap information, and gather as many details and pictures as you can of the vehicles involved in the crash. It is also important for you to not accept any money from the uninsured driver–even if it seems like a good deal.
Once you have all of the information you can gather, it is time to contact your insurance company. Make sure you tell them right away that you were hit by an uninsured driver. This will affect the entire claim process. Also, make sure that you get a police report since the driver is uninsured–you will need that later.
When you are working with a good insurance company, you can rest easy knowing that your agent is going to work diligently to make sure your claims process is as hassle-free as possible. The more information you are able to give your agent, the smoother everything will be for you and your claim. You shouldn’t have to pay for someone else’s mistake–especially if they aren’t insured!