Buying an Arizona Home? Check the Insurance Before You Make the Final Decision
Homebuyers spend considerable time estimating mortgage payments, taxes and HOA fees. Homeowners insurance deserves a place in that conversation too.
The Arizona Department of Insurance and Financial Institutions advises consumers that insurers evaluate risks associated with a property’slocation and condition.
That means you should not automatically assume the premium on one property will resemble another.
When a home becomes a serious possibility, contact a licensed insurance professional and provide the actual property address. Ask what information is needed to prepare an estimate.
Depending on the property and insurer, questions may involve characteristics such as the roof, age and construction of the home, prior claims or other risk factors.
Insurance should become part of the complete homeownership calculation alongside the mortgage, property taxes, HOA charges and anticipated maintenance.
Martha’s Tip:Do this early enough that you are making decisions with information—not discovering an unexpected cost immediately before closing.
The latest Freddie Mac weekly average puts the 30-year fixed mortgage at 6.69% for the week ending August 6, making careful budgeting particularly worthwhile.
A home can be beautiful and still need to fit comfortably into your financial life.
Download Martha’s Southern Arizona Buyer’s Guide.
