Buying a home is exciting, but the process can be confusing to navigate. One helpful way to set your mind at ease is to invest in a quality homeowners insurance policy. But just when should you start shopping for one, and what should you be looking for? If you have questions, use the following guide to feel more informed.

4 FAQ About Homeowners Insurance

When should I get a homeowners insurance policy?

When buying your first home, you might be more concerned about planning the move and furnishing the place. However, you want to get a head start on insurance as soon as possible. In fact, you should purchase a policy before getting in touch with a mortgage company, as it will likely be required for a loan application.

Is it mandatory?

While mandatory in some states, Arizona does not require homeowners to purchase this policy. However, unless you can buy the home outright, you’ll need homeowners insurance to get a mortgage loan. This way, the lender knows that if your home is ever damaged and needs to be repaired or rebuilt, your insurance policy will take care of the costs.

What is liability coverage?

While it’s just one aspect of a homeowners insurance policy, liability coverage is certainly one of the most necessary. It means that if a guest is injured in your home, you won’t have to pay their medical bills or front the legal fees for a lawsuit. 

How much coverage do I need?

Along with liability, there are two other basic elements of a solid homeowners insurance policy. Your policy should cover the structure itself—in case your home needs to be rebuilt from scratch—as well as the personal belongings you store inside it. Therefore, you may need more coverage if you have a particularly large home, or if you are adding onto it. You’ll also need to take stock of the value of your most prized possessions to ensure your policy covers them. Families with many electronics, antiques, or other valuable items might need more coverage.

If you’re searching for a homeowners insurance policy in the Phoenix Metro area, turn to Insurance Savers in Arizona. Since 1999, their team has provided a wide range of policies to meet their clients’ needs. From flood insurance to landlord policies, visit the website to learn more about their offerings. Call (602) 265-9311 to secure your coverage today.