Every home is unique, and that uniqueness includes the location in which it is found. The particular position of a home within a state, a city, a municipality, or even a parcel of land can have enormous impacts on the challenges faced by the denizen. Two homes can sell for the same amount of money on the same day and the same street, but one house could easily be prone to fire damage while the other is prone to wind. The highly individual nature of homes and home ownership is reflected in the insurance policies sold by the State Farm home owners insurance Phoenix office.
Property coverage is highly specific to the property and its specific contents. This means that it does not even take the market value into account. The market is somebody else’s problem; the insurance company exists to replace property that has been damaged, and that means that the exact replacement cost of the homes and the items within it are their only concern. Insurance does not worry about how much a home would sell for, it worries about what it would take to build another home exactly like it and to fill it with the exact same things. After all, that is what the insured individual or organization is paying for. They are not looking to buy a new house, they want the old house back the way it was.
Most homeowners find it best to insure their home for about $125 per square feet, though a luxury or custom home should be insured for at least $200 a square foot. Although market value does not have a direct relationship to the State Farm home owners insurance Phoenix policies, proper valuation of the contents of the home and the outbuildings is still critical. Documentation is essential to all parties in the case that the insurance becomes necessary. Insurance adjusters require documentation of the possessions in the home before they can begin to entertain the notion of providing replacement value. After all, possessions in a home can be highly mobile, and even the homeowner may sometimes be unsure of what precisely was lost in the case of a catastrophe. Any homeowner’s insurance carrier would be wise to do a complete and current inventory of their domicile’s contents. Even a quick walk through the home with a video camera can make all the difference in the world when trying to demonstrate exactly what needs to be replaced.
There are different types of coverage depending on the exact construction on the property. The actual domicile is considered, as are any other structures or other forms of construction that are not attached to the main building; a barn, a shed, a detached garage, or even a gazebo could be covered under an aspect of the State Farm home owners insurance Phoenix policy called “other structures coverage.” Homeowner’s insurance in comprehensive, because it is meant to be. No matter what combination of disasters Phoenix may throw at a home, from the roasting sun starting fires to the occasional torrential downpour causing unexpected floods, the homeowner’s insurance policy makes sure that the homeowner can get back to where they were before the trouble.
