Best Homeowners Insurance Agencies in Gilbert

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Where can Gilbert residents file a complaint against their home insurance company?

  Gilbert residents can voice their concerns with home insurance companies via Arizona's Department of Insurance and Financial Institutions (DIFI). Before filing, the DIFI site guides on their authority over the issue. If DIFI oversees the issue, they request the insurer to reply to the grievance. Following a thorough analysis and potential inquiry, they assess if any Arizona statutes or rules were breached. DIFI informs the complainant upon resolving the case.

• Does home insurance in Gilbert cover incidents if your dog injures someone?

  In Gilbert, home insurance typically includes coverage if a dog harms someone. However, specific dog breeds may not be insurable. Before acquiring a dog, it's crucial to consult with your insurance agent about potential breed restrictions. Each claim's coverage is individually assessed, and the insurer makes sure that no exclusions apply.

• How can Gilbert residents potentially lower their home insurance premiums?

  Gilbert residents can potentially reduce their home insurance costs by enhancing their credit scores. Arizona insurers often factor in credit histories when setting premiums. Timely bill payments and maintaining low debt can elevate credit scores. Additionally, opting for a heftier deductible usually brings down premiums. However, it's essential to select a deductible that remains affordable, even in unforeseen circumstances.

• Is there a mandated grace period for homeowner's insurance in Gilbert?

  No. In Gilbert, there's no required grace period for homeowner's insurance per the state of Arizona. Instead, the decision rests with individual insurance providers. Grace periods, or the additional time after a policy lapse where coverage persists, can range between 24 hours to 30 days, as stipulated in the policy contract. However, late payments might incur penalties from the insurer.

• Can Gilbert residents obtain flood insurance during monsoon season, and are there any discounts available?

  While monsoon season spans from mid-June to September in Gilbert, typical homeowners insurance doesn't cover flood damage. However, Gilbert is part of the National Flood Insurance Program (NFIP), enabling residents to secure flood insurance regardless of their home's flood zone designation. Due to the town's involvement in the Federal Emergency Management Association's Community Rating System, those with NFIP policies might qualify for premium discounts, reflecting Gilbert's proactive flood management efforts.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.