An Arizona Homeowners Policy is a package policy since it covers both property and liability coverage. The Property damage portion is for physical injury to, destruction of, or loss of use to the property owned by the policy holder. The personal liability coverage section of the policy covers both bodily injury and property damage to others.
The property section of you Homeowner’s policy has 4 parts.
Coverage A is for the Dwelling itself. Coverage B is for other structures such as an unattached garage or storage room. Coverage C is coverage for personal property coverage. Coverage D is for loss of use.
The Liability Section has 2 Main Parts
Coverage E is Personal liability which will pay up to the policy limits for damages done to others which the policy holder is found legally liable. Coverage F of the Liability section is for medical payments to others.
Arizona Homeowner’s Policies
Arizona Homeowner Insurance > HO-1 Basic Form
A peril is a “cause of loss”. This named peril form is also known as the basic Homeowners form. It will only cover what is “named” on the policy. If it is not “named” its not covered. This form covers an Insured for replacement cost on both Coverage A and B (Dwelling and other structures). Personal property is covered on an “actual cash value” basis.
Arizona Homeowner Insurance > HO-2 Broad Form
The HO-2 Form is setup much like the HO-1 form described above. The main difference between the two is the H0-2 covers more named perils which you can find in the insuring agreement.
Arizona Homeowner All-Risk Insurance > HO-3 Special Form
This Arizona homeowner’s insurance form is different from the previous two form in that it provides coverage on an all-risk basis. An all risk policy covers everything except for what is excluded on the exclusions section of the policy form. This is one of the most popular homeowner insurance forms purchased since it covers so many more perils than the HO-1 and HO-2 form. Contents are still covered under “named perils” unless the optional HO-15 endorsement is added.
Arizona Renters Insurance > HO-4 Renters Form
Renters may want to cover the contents within the home, therefore the HO-4 Renters Form was created. Of course with this form there is no coverage A or B on this form. Contents is covered under “named perils” on an “actual cash value” basis.
Arizona Condo Insurance > HO-6 Modified Form
This form is for the Arizona Condominium Owner. Since unit owners don’t own the structure itself, this coverage is built to cover the interior space and contents. Coverage A of this policy is usually set at $1000. Coverage is written on a named peril basis. All risk coverage is also available by endorsement.
Arizona Homeowner Insurance For Older Homes > HO-8 Modified Form
This Homeowner’s Insurance form was specially made for those with older homes for which the replacement cost of the home exceeds the market value. Replacing these homes with materials originally used can be very expensive. Therefore this policy states that any repairs or losses will be replaced with common construction materials used today.
While theft is covered on each of these forms, there are special limits that apply to certain items. A special limit of $200 is set for theft of money, gold and coins. A limit of $1,500 is set for theft of water craft, trailers, jewelry, watches, furs, precious and semi precious stones. The Insurer will cover any theft of a firearm, business property at the residence and silverware up to $2,500. Business property away from the residence will be covered up to $500.
These special limits apply to all Arizona homeowner’s insurance forms. If you are a collector of rare coins, jewelry or firearms you may want to cover them with a personal articles floater. If someone breaks into your home and steals $25,000 worth of jewelry, the last thing you want to see is a $1,500 check from you Insurance Provider. Review these special limits carefully and be sure this is enough coverage for these special items.