Insurance World

When looking for homeowners insurance in the state of Arizona there are a few things you should keep in mind:

How much to buy: Keeping in mind that the purpose of insurance is to transfer risk, you need to adequately protect your assets in the event of a catastrophic loss. You should insure your home for its proper value for maximum protection. Your house is a major investment, don’t scrimp on protecting it. Additionally, your mortgage company may have a set of insurance requirements you must adhere to.

Coverages: Know the difference between All Risk and Named Peril coverage. All risk is broader and will cover all risks subject to policy exclusions. On the other hand, Named Perils will cover only the perils named (i.e., fire, lightening, windstorm). All risk may cost a little more, but it’s worth it to protect your home.

Valuation: To protect our investment, replacement cost coverage pays the amount it will take to replace your home with the same kind and/or quality. Actual Cash value depreciates the purchase price of your home. ACV premiums may be cheaper, but replacement cost will return your home to it’s pre-loss value.

Rates: Rates are affect by factors such as:

· Type of construction: frame houses usually cost more than brick houses to insure.

· Age of house: Newer homes may qualify for discounts that older homes may not be privy to.

· Fire Protection: How far is your house from a fire hydrant or a fire department? The availability of water in the event of a fire is also taken into consideration when determining rate.

· Deductible: The higher the deductible you can withstand, the more of a premium discount you’ll enjoy

If you would like more information, or if you have a complaint you may contact the Arizona Department of Insurance

Consumers Affairs Division
2910 North 44th Street
Suite 210
Phoenix, Arizona 85018-7256

Paying for health care can consume a large portion of an individual or family’s disposable income. Some costs are non-negotiable but there are ways to lower the amount you spend on insuring your health.

Deductibles

You may be able to pay a lower premium by paying a higher deductible. This is particularly true if you are insured as an individual rather than through your employer. If you choose this option it is wise to place a portion of the money saved on your premium into an account which is used solely to pay your deductible.

Co-pay amount

Many companies have lower premium policies available for those willing to make a higher co-payment when they visit the doctor. Opting for a higher co-payment can be especially advantageous for people who don’t often visit the doctor.

Generic drugs

Generic drugs are manufactured to the same standards as brand name drugs. Choosing to have a prescription filled with a generic drug can offer substantial savings over having it filled with a brand name drug.

Healthy living programs

Many insurance plans offer pre-emptive health care services which are entirely funded by the insurance company. Employee plans often do this as a way of avoiding paying for higher priced services later on down the line. Programs may include free immunizations, mammograms, prostate exams and general physicals. Paying a portion of monthly health club dues is also available on a few plans. Be sure to take advantage of these options if possible.

Remember, while health insurance premiums are high the peace of mind brought by knowing you
and your family are insured is priceless. Gathering as many quotes as possible is the best way to learn and compare companies.

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