How do I know if I need a personal umbrella liability policy?

It used to be that the only people who needed personal umbrella liability policies were wealthy individuals, who had sizable amounts of personal assets that would be at risk in a lawsuit. However, in our very litigious society, even individuals with modest incomes and assets are often subjects of large lawsuits. Since those with modest [...]

What is a personal umbrella liability policy?

The personal umbrella liability policy is designed to increase your liability protection. This single policy acts as an “umbrella” over all of your other personal liability policies – home, car, boat, RV, etc., so you have a higher personal liability limit, than what would otherwise be available. In certain circumstances, an umbrella insurance policy may [...]

Why do some apartment complexes require tenants to have renters insurance?

Owners of apartment complexes buy insurance policies for their liability in order to cover their buildings and personal property. However, these policies do not cover any of the tenant’s property or liability. By requiring their tenants to have renters insurance, the apartment owner is assured that the tenants will not mistakenly believe the apartment complex [...]

How does a renters insurance policy protect my personal property?

A renters insurance policy provides named perils coverage. This means that the policy only pays when your property is damaged or destroyed by any of the ways specifically described in the policy. These usually include: Fire or lightning Windstorm or hail Explosions Riots Aircraft Vehicles Smoke Vandalism or malicious mischief Theft Falling objects Weight of [...]

Why would I want to buy renters insurance?

If you live in an apartment or a rented house, renters insurance provides important coverage for you and your possessions in Scottsdale, AZ. A standard renters insurance policy protects your personal property in many cases of theft or damage, and may pay for temporary living expenses if your rental is damaged. It can also shield [...]

Is credit life insurance a good buy?

Credit life insurance is frequently more expensive than traditional term life insurance. If you already own a sufficient amount of life insurance to cover your financial needs, including debt repayment, the purchase of credit life insurance is normally not advisable due to its relatively high cost.

How does mortgage protection term insurance differ from other types of term life insurance?

The face amount under mortgage protection term insurance decreases over time, consistent with the projected annual decreases in the outstanding balance of a mortgage loan. Mortgage protection policies are generally available to cover a range of mortgage repayment periods – (e.g., 15, 20, 25 or 30 years.) Although the face amount decreases over time, the [...]

Should term insurance or cash value life insurance be purchased?

This depends on your personal circumstances. First, recognize that in any life insurance purchasing decision, two questions must be answered: “How much life insurance should I buy?” “What type of life insurance policy should I buy?” The first question should always be initially resolved. For example, the amount of life insurance that you need may [...]

What about purchasing life insurance for a spouse or children?

In certain circumstances, it is advisable to purchase life insurance for children. However, generally such purchases should not be made in lieu of purchasing appropriate amounts of life insurance on the family breadwinner(s). It is of utmost importance that the income-earning capacity of the primary breadwinner be fully protected, if possible, through the purchase of [...]

How much life insurance should an individual own?

“Rule of thumb” suggests an amount of life insurance equal to 6 to 8 times annual earnings. However, many factors should be taken into account when determining the right amount of life insurance for you and your family. Important factors include: Income sources and amounts other than salary earnings Whether or not you are married [...]

Do I need earthquake coverage in Arizona? How can I get it?

The standard insurance policy does not pay for direct damages caused by “earth movement.” “Earth movement” is a much broader term than earthquake. It includes earthquake, volcanic activity and other earth movement. This coverage may be available by endorsement for an additional charge. If you live in an area that is susceptible to earthquakes, you’ll [...]

Where and when is my personal property covered?

Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, suppose that while traveling, you purchase a dresser and you want to ship it home. Your homeowners policy would provide coverage for the “named perils” while the dresser is in transit – even though the dresser has never been [...]

What are the policy limits (i.e., coverage limits) in the standard homeowners policy?

Note: this answer is based on the Insurance Services Office’s HO-3 policy. The home and other structures on the premises are protected on an “all risks” basis up to the policy limits. “All risks” means that unless the policy specifically excludes the manner in which your home is damaged or destroyed, there is coverage. The [...]

What factors should I consider when purchasing homeowners insurance?

There are a number of factors you should consider when purchasing any product or service, and insurance is no different. Below is a checklist of things you should consider when you purchase homeowners insurance: Determine the amount and type of insurance you will need. The coverage limit of your house should equal 100% of its [...]

What is the difference between “actual cash value” and “replacement cost”?

Covered losses under a homeowners policy can be paid on either an actual cash value basis or on a replacement cost basis. When “actual cash value” is used, the policy owner is entitled to the depreciated value of the damaged property. Under the “replacement cost” coverage, the policy owner is reimbursed on an amount necessary [...]

What does homeowners insurance cover in Arizona?

The typical homeowners policy has two main sections: Section I covers the property of the insured and Section II provides personal liability coverage for the insured. Almost anyone who owns or leases property has a need for this type of insurance. Usually, homeowners insurance is required by the lender to obtain a mortgage.

What are some practical things I can do to lower the cost of my home insurance?

There are a number of things you can do to lower the cost of your homeowners insurance. The easiest thing to do is request a comprehensive review of your policy and your needs from Greene Insurance Group. It’s not surprising to find quotes on homeowners insurance that vary by hundreds of dollars for the same [...]

What factors can affect the cost of my car insurance in Arizona?

A number of factors can affect the cost of your car insurance in Arizona – some of which you can control and some that are beyond your control. The type of car you drive, the purpose the car serves, your driving record, and where the car is garaged can all affect how much your car [...]

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