3 Reasons You Need Home Insurance in Mesa, AZ

Home insurance protects your home in the event of unforeseen events. These events could include a number of things you never expected. At Lifetime Investments serving the Mesa, AZ area, we specialize in finding the right home insurance at the right price and protection for each client. To learn more about protecting your home with home insurance and why you need it, read on.

1. It’s the Law

If your home is under a mortgage, home insurance is required by law. This protects the asset for both you and the bank. In fact, you can’t get a mortgage without having home insurance. However, even if you don’t have a mortgage and own your home out right, it’s still a smart idea to have home insurance to avoid losing this expensive asset in the event something happens.

2. Protection

Some of the most common occurrences that home insurance covers includes any damage caused by certain weather, such as windstorms, hail, and lightning strikes. However, earthquakes and floods have their own separate policies. Theft and fire are two other events typically covered by home insurance. Other events can include cases of liability, such as a neighbor falling down the stairs and getting injured. When events like this happen, you’ll be glad you have home insurance.

3. Peace of Mind

Sleep each night knowing that your asset is protected with home insurance. If anything unforeseen were to happen, you will know that the insurance company will help. Simply submit a claim and the insurance company will work with you to make things right again.

To learn more about acquiring home insurance for your home in Mesa, AZ, contact Lifetime Investments. Our highly trained agents will answer all your questions and help you find the best policy for your needs. Call us today to protect this most precious asset. 

 

 

 

Tips for Understanding Home Insurance

Every homeowner needs to have insurance. Not only is this a common requirement of mortgage lenders to protect their loaned funds, it is also important to have more than the basic home insurance required by lenders in order to protect the homeowner. For those purchasing a home for the first time, this guide will help them understand the different things to consider when getting home insurance. For those that already own a home, this guide will help identify the things that might have been overlooked and may need to have adjustments in order to have adequate home insurance coverage.

Basic vs. Extended Coverage

Basic home insurance coverage may be required by a lender. This type of coverage only covers certain kinds of events. Most homeowners benefit from having additional coverage for other things more than just the basics. Discuss the specifics of home insurance coverage with your agent at Lifetime Investments serving Mesa AZ and the surrounding areas to make sure your coverage is adequate for your needs.

Understanding Coverage Types

There is an important decision to be made between insuring a home for actual cash value and for replacement cost. Insurance for replacement cost is preferred because the insurance provides the amount needed at the current costs to rebuild a damaged home with materials of a similar quality. Insurance for cash value covers the amount needed to repair a home after deducting for depreciation. This amount can be far lower than the actual costs of rebuilding a damaged home.

Deductible

The deductible is the out-of-pocket expense before the insurance pays a claim. Higher deductibles usually reduce insurance premiums; however, the homeowner is taking the risk of having to pay the deductible amount if any repairs are needed.

Discuss your home insurance needs with your agent at Lifetime Investments in Mesa, AZ and have an annual insurance review to make sure you always have adequate coverage.

Home Insurance for a Vacation Home

There special considerations for home insurance for a vacation home that may be rented for part of the year or left unoccupied. The easiest way to deal with this is to get an insurance review from your agent at Lifetime Investments serving Mesa, AZ and the surrounding area.

Vacation Homes Have Special Risks

Because a vacation home is not always owner-occupied; there are special risks that need to be considered when protecting the vacation home with insurance. Renters may need to have their own renter’s insurance for their personal items in the home. Moreover, if there are going to be renters that occupy the home for a portion of the year, then there needs to be commercial insurance in place for using the property as a rental property. If the home is not occupied by renters and left vacant it has additional exposure to theft, vandalism, and damages from not being maintained properly.

Insurance Coverage for Vacation Homes

Just because vacation home has special risks does not mean that insurance coverage is not available. All you need to do is have a consultation with your insurance agent at Lifetime Investments serving Mesa, AZ, and simply be honest about what is happening with a vacation home. Tell your agent, who will be occupying it, how long it will be vacant, and so forth.

Also, tell your agent if you plan on having renters and how much time during the year the home will not be occupied. In this way, your agent can customize insurance coverage to take care of the risks that are particular to your vacation home and provide a good solution.

Conclusion

Depending on who will occupy the home and how often they will be occupied, vacation homes have special needs for insurance coverage. It is best to contact your agent today to get an insurance review to make sure there is adequate coverage.

Tips to Keep Home Insurance in Your Budget

Your home insurance is a vital means of keeping your home safe, but that doesn’t mean it’s not tempting to want to get the lowest possible coverage available. Instead of sacrificing on the amount of protection you and your family have though, consider the following tips to keep home insurance in your budget if you live in Mesa, AZ. 

Preparation Counts 

When it comes to your home, you need to think about the more common potential problems that might arise there, so that you can do everything possible to prevent them. For example, an alarm system that will scare off criminals, or thoroughly winterizing your home during the fall. You may want to consider redoing the roof so it can stand up to heavy snows or harsh winds. These measures make it far less likely you’ll see major damage on your home, and can help you keep your home insurance costs down. 

Stay Alert 

If you live in Mesa, AZ, the best way to keep home insurance in your budget is to have all the facts in front of you. Often, this means asking questions from a trustworthy source. If you want to learn more about how your deductible, valuables and lifestyle affect what you pay every month for your insurance, then call Lifetime Investments for more information. We’re happy to tell you about how everything works in regards to your particular home needs. Instead of a one-size-fits-all approach, we take the time to know you, your family, and your priorities for customized advice and guidance. 

Lifetime Investments knows that those who prepare for the worst are also the ones who sleep easier at night. Give us a call if you’re looking to find out more about our rates, services, or policies. 

How Can Home Insurance Protect Your Assets?

Home insurance can protect your home, which is likely one of your largest assets, as well as the items you have stored inside. However, you may be unsure as to how this is. Here are a couple of the ways that home insurance can protect your assets.

Protecting Your Home

For most people, their home is one of their largest assets. They spend a lot of money on their home and work hard to pay it off over the course of their life. If you own a home, you want to ensure you protect this major asset with home insurance. If your home were to be severely damaged, would you be able to afford to rebuild the home or pay for major structural repairs without it negatively affecting your finances? Probably not. This is why having an insurance policy that covers these costs is so important.

Protecting Your Belongings

You likely have thousands of dollars worth of belongings stored in your home. This includes home goods, clothing, furniture, electronics, jewelry and art work. If these items were to be damaged in an event covered by your home insurance, such as a fire,  you would want to or need to replace them. Home insurance covers the cost to replace these items based on fair market value, ensuring you do not have to come out of pocket to replace any of these items.

If you are in the market for a new home insurance policy or are considering increasing your policy limits, let Lifetime Investments help. Our insurance company helps those in the greater Mesa, AZ area with all of their insurance needs. Call us now to schedule an appointment so we can discuss all of your needs and find you the best policy for your situation.