The state of Arizonas conducted a homeowners insurance survey comparing insurance rates for hypothetical homes in Phoenix, Mesa, Peoria, Flagstaff and Tucson. They compared insurance premiums for dwellings valued at $100,000, $300,000 and $500,000.
The survey is interesting reading and is accessible from the State Departments website, but it does not provide specific information that you will need to know when comparing homeowners insurance for your home. Below is a little advice and a few tips you should consider:
When comparing low cost homeowners insurance, make sure the valuation for the polices being compared is the same. Valuation is the method they use in determining the amount of the loss. There normally two types of valuations used for property coverage. Actual Cash Value and Replacement cost
Actual Cash Value (ACV) is the replacement cost of your home, less the deduction for depreciation. ACV policies are cheaper, but you stand the chance of not being made whole after the loss.
Replacement Cost means the insurance company will pay the amount it would take to replace or rebuild your home with similar materials as used in the pre-loss...
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