Homeowners insurance is not mandatory by law in the State of Arizona, but remember, your Mortgage Company or landlord may make such insurance a condition of your mortgage or rental agreement. This being said most landlords have specialist landlord insurance on their properties so if you live in a rental property this is less likely to be an issue.
In these times of financial hardship for many people it is easy to be tempted by the savings achieved by not having homeowners insurance. However, there are a number of good reasons why you may want to seriously consider purchasing homeowner insurance and one of these is the risk of flooding in the State of Arizona.
Arizona is one of many US States that are prone to flooding and the cost of damage caused by flooding should not be underestimated or taken lightly. Luckily, many reputable Arizona homeowners insurance companies like http://arizona-insurance.website/arizona-homeowners-insurance/ are authorized to offer homeowners flood insurance through the National Flood Insurance Program or NFIP. Your insurance company will usually insist that you carry general homeowners insurance with them before they will provide the additional flood insurance coverage.
The NFIP is managed by the Federal Emergency Management Agency with the aim of reducing the impact that incidents of flooding have on those who are affected. Being backed by the US Government means that cover is not as expensive as you may think typically ranging from $100 to $500 depending on the area you live in and the risk associated with that area.
The official website for this coverage can be found at www.floodsmart.gov and provide advice, guidance and information on all aspects of the National Flood Insurance Program including a quotation estimate tool to give you a better idea of the potential cost of insuring your property.
It is important to understand that areas of your property that are below ground level will have lower levels of coverage to those areas of your property that are at or above ground level. This is obviously due to the increased risk of flooding to basements or below level areas.
However, this does not mean that there is no coverage and certainly items such as boilers and electrics that are an integral part of the functioning of the house are covered irrespective of where they are in the house. It is more perishable items such as carpets, clothing and personal belongings that are not covered by NFIP insurance.
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