Homeowners Insurance in Gilbert, AZ
Experts break down home insurance costs, coverages, companies, and more for property owners in Gilbert, Arizona.
The town of Gilbert is home to more than a quarter-million people. With its low crime rate, excellent schools, and many parks and recreational facilities, this is a great place to call home. If you own a house in this Phoenix suburb, you can protect your investment with a good homeowners insurance policy.
Independent agents in Gilbert are free to work with many of the area’s top insurance providers. This means they can shop around to find you the best and most affordable policy. Contact an independent insurance agent near you to start comparing a selection of customized homeowners insurance quotes.
What Is Homeowners Insurance and Is It Required in Gilbert, AZ?
Homeowners insurance is a policy designed to safeguard your investment in your home and your property.
This insurance is not required by law, but lenders require it if you still pay a mortgage or a home equity loan. Once your loans are paid off and you own your house outright with no liens, this coverage is optional but highly recommended.
How Much Does Homeowners Insurance Cost in Gilbert, AZ?
Overall, homeowners insurance rates in Arizona are much lower than the national average. In Gilbert, rates tend to be higher than in much of the state, but they are still lower than the national average. This is good news for Gilbert homeowners looking for an affordable policy.
- National average yearly premium: $1,211
- Arizona average yearly premium: $825
- Gilbert average yearly premium: $1,065
Your actual quoted costs will be based on several factors such as:
- Your home’s age, value, and size in square feet
- The type of home you are insuring (e.g., single-family detached house, multi-family home, condo, townhouse, mobile home, etc.)
- The crime rate and weather risks in your ZIP Code
- Your claims history and credit score
- Whether you are bundling your coverage with other policies like car insurance or motorcycle insurance
Every insurance company has its way of calculating costs. This means that every company you contact is likely to offer you coverage at a different rate.
Comparing customized quotes from a few different homeowners insurance providers lets you be sure you choose the policy offered at the most competitive price. Independent insurance agents in Gilbert make comparison shopping easy.
Where Can I Find Cheap Homeowners Insurance Near Me?
Buying the cheapest policy is not necessarily the best way to save money on homeowners insurance. Doing so may end up costing you more in the long run.
The cheapest policies typically have:
- Bad customer service: Some insurance companies can offer lower prices for coverage because they save money by hiring fewer customer service representatives. If you are frustrated by long wait times on hold, you may be better off buying your coverage from a reputable insurance company.
- High deductibles: Policies with very high deductibles, like $5,000, may cost less in annual premiums; however, you will need to come up with the first $5,000 in costs if a covered event severely damages your home. This may not be in your best interest unless you have a large emergency fund you can draw from.
- A complicated claims process: If you are not working with a reputable insurance provider, you may come across several roadblocks when filing a claim, and sometimes, compensation can take a while to arrive.
To ensure that you have the coverage you need when you need it, you will want to work with an insurance company you can trust.
Independent agents can save you money by helping you compare policies and rates from a variety of reliable insurance companies so you can be sure that you are purchasing a competitively priced policy that offers good value for your money.
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What Does Homeowners Insurance Cover in Gilbert?
Homeowners insurance protects your finances by providing:
- Coverage for your property
- Coverage against displacement
- Coverage against liability lawsuits
How Homeowners Insurance Covers Your Property
Homeowners insurance can pay for the costs associated with rebuilding, repairing, or replacing your property if damaged or lost due to a covered event. Some of the covered risks most likely to affect homeowners in Gilbert include:
- Fires: This includes damage caused by flames, smoke, and firefighting efforts if your home is damaged in an accidental fire or a wildfire.
- Property crimes: This includes coverage for property loss or damage if you are the victim of a crime like vandalism, burglary, or arson.
- Severe weather: This includes events like thunderstorms, high winds, and monsoons (but not the floods that may accompany them).
Your property insurance covers damage to the structure of your home (this is called dwelling insurance) and loss or damage to your personal property (this is called contents insurance).
You will want to be sure that your coverage limits in both categories are high enough to fully replace all of your property if you experience a total loss, such as may happen if your house is destroyed in a structure fire.
How Homeowners Insurance Covers Displacement
Loss of use insurance is a standard part of your home insurance. It is designed to pay for your temporary living expenses if your home is rendered uninhabitable by a covered event. While your house is being repaired, this coverage can pay for things like:
- The cost of a hotel or other reasonable accommodations
- A meal allowance, if your accommodations do not include a kitchen
- Moving and storage fees
- Mileage reimbursement if you must drive further to get to work
- Pet boarding, if needed
Your coverage can continue until your house has been brought back up to code and is safe to return to, or until you have built or purchased a new home.
How Homeowners Insurance Covers against Liability Lawsuits
Accidents, negligence, and errors in judgment can sometimes result in serious harm to others. If this happens, you might find yourself facing an expensive lawsuit. Fortunately, your homeowners insurance will offer a significant amount of personal liability coverage as a standard part of its coverage.
Homeowners liability insurance is designed to cover expenses like court costs, legal fees, mediation costs, settlements, and judgments if you or someone in your household unintentionally causes someone else to experience injuries, financial losses, property damage, or other harm.
Homeowners insurance companies typically provide between $100,000 and $500,000 in personal liability coverage. If you want even more liability protection than your homeowners insurance offers, you can significantly boost your coverage with an umbrella insurance policy.
What Is Not Covered by Homeowners Insurance in Gilbert, AZ?
It is important to be aware that floods and earthquakes are not covered by homeowners insurance. You may therefore want to supplement your homeowners insurance with additional policies.
Coverage against Flood Damage
FEMA warns that just one inch of rainwater in your home can cause as much as $25,000 in property damage. The good news is that in Gilbert, fewer than 1% of homes have a significant risk of sustaining flood damage.
If your property is one of the few at risk, an independent agent can help you supplement your home insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
Coverage against Earthquake Damage
Gilbert has a moderate risk for earthquake damage. This town has a 9.42% chance of experiencing a seismic event of 5.0 or greater magnitude in the next 50 years.
An earthquake of this magnitude can cause severe damage to the structure of your home and the property inside it. If you want to give your property 360 degrees of coverage, you may want to consider purchasing an earthquake insurance policy. An independent agent can help you compare rates.
What Is the Burglary Rate in Gilbert, AZ?
The burglary rate in Arizona is higher than the national rate. However, in Gilbert, the rate is much lower. This is not to say the risk does not exist. Residents of this city report more than 400 burglaries a year.
- Number of burglaries per 1,000 people in the US: 3.76
- Number of burglaries per 1,000 people in Arizona: 4.40
- Number of burglaries per 1,000 people in Gilbert: 1.59
While the risk is already relatively low, you can further reduce your chances of being targeted by burglars by making sure your doors and windows have secure locks, keeping all entryways well-lit and unobstructed, and putting lights on timers when you are away from home.
Home security systems are the most effective theft deterrent. That is why many insurance companies offer discounts to policyholders who have burglar alarms installed in their homes.
Of course, nothing is 100% foolproof against a determined burglar. Therefore, it may give you peace of mind to know that if you are the victim of a robbery, your homeowners insurance can compensate you for your losses. You will need a copy of a police report when you file your claim.
What Are the Best Homeowners Insurance Companies in Gilbert, AZ?
The most outstanding home insurance companies are the ones that have a consistent history of providing excellent customer service, reliable coverage, and competitive rates.
Independent insurance agents in Gilbert have teamed up with some of the best homeowners insurance companies in Arizona. Therefore, you can rest assured that any policies your agent recommends to you for your home in Gilbert are offered by trustworthy insurers.
How Can an Independent Agent Help Me Find the Best Home Insurance in Gilbert, AZ?
Independent agents are available to help you with all of your coverage needs. You can turn to a local agent for answers to your insurance-related questions, trustworthy advice, and help with finding the best and most affordable coverage.
Arrange an obligation-free consultation with an independent insurance agent near you to learn more. You will soon discover how easy it can be to compare customized homeowners insurance quotes from some of the best insurance providers in Gilbert.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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