Comparing homeowners insurance quotes in Arizona can seem complicated, with so many insurers and policy options to choose from. However, finding the right policy at an affordable price doesn’t have to be difficult if you know what to look for. There are several low-cost providers that serve the Arizona market that can save you a lot of money.
In this article, we will go over several sample Arizona home insurance quotes as well as tips that can save you more of your hard-earned money.
Homeowners Insurance Coverage in Arizona
Along with the excitement of homeownership comes the responsibility of protecting your investment. One of the best ways to safeguard your home against unforeseen events like fires, storms, theft, and liability is with a homeowners insurance policy. Here’s what Arizona homeowners need to know about homeowners insurance.
What Exactly is Covered?
A standard homeowners insurance policy in Arizona has four main components:
- Dwelling coverage: This covers damage to the physical structure of your home. It includes the house itself as well as attached structures like garages, decks, and porches.
- Other structures: This provides protection for detached structures on your property like sheds, fences, and gazebos.
- Personal property: This covers your belongings inside your home like furniture, appliances, clothing, and electronics.
- Loss of use: If your home becomes uninhabitable due to a covered loss, this pays for additional living expenses like hotel stays, restaurant meals, and storage fees.
Key Factors That Affect Arizona Home Insurance Rates
Insurance rates can vary widely between homeowners due to a variety of factors. Some key considerations that affect your premiums in Arizona include:
- Location: Homes in higher-risk areas like flood zones or regions prone to extreme weather events like hailstorms and wildfires will cost more to insure. Living in an urban area is generally more expensive than in rural areas.
- Home features: Details like the age of your home, roof type, construction materials, and security systems impact rates. Newer homes with updated features often qualify for discounts.
- Claims history: Past insurance claims you’ve filed will increase your rates. Maintaining a claims-free history keeps your premiums low.
- Credit score: Insurance companies view policyholders with poor credit as more likely to file claims. Maintaining good credit lowers rates.
- Deductible amount: Choosing a higher deductible decreases monthly premiums but increases out-of-pocket costs if you file a claim.
Arizona law requires insurers to offer coverage for fire damage and damage from civil disorder, aircraft, and vehicles. Other common options are coverage for mold, theft, and appliance/system breakdowns. Your insurer can help you evaluate what limits and add-ons fit your specific needs and budget.
Finding the Right Arizona Home Insurance Company
With dozens of insurers providing coverage in Arizona, it can be difficult to determine which company is the best fit for your needs and budget. Some of the largest homeowners insurance providers in the state include:
- State Farm
- Farmers Insurance
- Liberty Mutual
- Travelers Insurance
- Allstate
- Progressive
When selecting a company, make sure to evaluate factors like customer satisfaction ratings, complaint ratios, financial strength ratings, coverage options, and discounts offered. Getting quotes from multiple insurers is the best way to find an affordable policy that provides sufficient protection.
Protecting your home with a homeowners insurance policy is one of the wisest investments you can make as a homeowner. Understanding what coverage you need, ways to save, and carefully comparing plans allows you to obtain peace of mind and rest easy knowing you’ve secured your asset against the unknown.
Sample Arizona Homeowners Insurance Quotes
To give you an idea of what homeowners insurance costs in Arizona, here are quotes from 10 top insurers in the state based on a $300,000 home in Phoenix with a $1,000 deductible and $300,000 liability coverage:
- State Farm – $960 per year
- Liberty Mutual – $1,200 per year
- Allstate – $1,350 per year
- Farmers – $1,275 per year
- Travelers – $1,100 per year
- Nationwide – $1,125 per year
- American Family – $1,350 per year
- Progressive – $1,870 per year
- USAA – $900 per year (for military families)
- AAA – $1,100 per year
As you can see, rates can vary significantly, so it pays to shop around. The average annual premium for a homeowners policy in Arizona is $1,200. But factors like location, age of home, deductible, and more will impact your specific rate.
Tips for Getting the Best Arizona Homeowners Insurance Rates
- Shop around – Get quotes from at least 3 insurers to find the best rate. Rates can vary dramatically between insurers for the same coverage.
- Raise your deductible – Increasing your deductible from $500 to $1,000 could reduce your premium by 15% or more. Just be sure you have savings to cover the higher deductible if needed.
- Bundle policies – You can save up to 15% when you insure your home and auto with the same provider.
- Compare independent agents – In addition to checking big insurers, get quotes from local agents who work with multiple companies.
- Seek discounts – Ask about discounts for new homes, smart home devices, security systems, paying annually, paperless billing, loyalty, and more.
- Improve home security – Adding deadbolts, alarm systems, and security lighting could qualify you for a break on rates.
- Upgrade safety features – Updates like smoke detectors and fire extinguishers can also net you a discount with some insurers.
- Check your credit – Maintaining good to excellent credit can save you significantly on your premium.
- Review the limits – Consider raising liability and personal property coverage limits to avoid being underinsured.
- Lower liability limits – If you have significant assets to protect, you may be able to lower liability limits to reduce costs.
- Drop earthquake coverage – If at low risk, removing earthquake coverage can lower your premium.
- Skip flood insurance – Flood damage is not covered by standard policies. Only carry this coverage if at high risk.
- Increase hurricane deductible – In coastal areas, a higher wind/hurricane deductible can significantly lower premiums.
- Get insured before renewal – Shop for quotes a month or more before your policy renews to have negotiating power.
- Take higher deductibles – Consider taking a $2,500 or even $5,000 deductible for more savings.
- Buy annually – Paying your entire premium annually rather than monthly could save you 5-10%.
- Install protections – Impact-resistant roofing, storm shutters and other upgrades can qualify you for insurance discounts.
- Drop coverage you don’t need – Removing extras like jewelry or umbrella coverage you don’t really need can pare down your policy cost.
- Maintain good credit – Get free copies of your credit report annually to check for errors that could impact your score.
- Research insurers’ financial strength – Check ratings from A.M. Best and others to be sure your insurer will be there if you need them.
Conclusion
By getting multiple Arizona homeowners insurance quotes from a variety of insurers, asking about discounts, and optimizing your coverage, you can find a cheap policy that provides excellent protection.
Carefully review the quote details and limits recommended by any insurer before signing a policy. With a little research, Arizona homeowners can find great coverage at competitive rates and save hundreds.
