Finding The Best Arizona Home Insurance

"New homeowners are often overwhelmed by the costs of home insurance, making it difficult to purchase adequate coverage. This is especially true if you're buying a new home and don't know what's covered and how much to spend on it. You can find affordable Arizona homeowner's insurance by finding the insurer with a high customer rating from each of these three sources: "

"1) A rating from the state-level Consumer Federation of America; 2) The number of complaints per year filed with the state department of insurance; 3) The number or awards won against claims."

#2 -Most Common Claims Against Home Owners Insurance Companies in 2013 (Source: www.insurancequotesguide.com )

"The top two claims reported to insurance companies in 2013 were water damage and wind damage. The number of claims for water damage increased by 18% from 2012, while the amount of money paid out for those claims increased by 65%. In total, homeowners filed 266,033 claims related to water damages in 2013. Wind damage caused 225,745 home insurance claims last year at an average cost of $1,907 per claim. This was a steady increase from 2012's figures."

"Given that Arizona has been experiencing a drought that is on track to be the worst since the mid-1990s, it is probably not surprising that water damage has continued its upward trend despite improved weather conditions over the past couple of years. A home insurance policy will likely cover the cost of repairing damage to your home from water."

#3 -Most Common Number of Arizona Complaints Filed Against Insurance Companies (Source: www.insurancequotesguide.com ) 

"Arizona consumers filed 42 complaints against insurance companies last year, with Safeco leading the charge. The state ranked second to last in total complaints every year since 2011 and many experts believe that this is because Arizona law requires home owners to file their claims within six months in order for them to receive benefits. In addition, Arizona has one of the lowest insurance licensing fees in the nation which may discourage insurers from hiring lawyers to handle lawsuits."

"The problems with Arizona's complaint system show up when looking at who filed the most complaints. In 2012, State Farm had the most complaints filed against it. Last year, they dropped nearly 30% for a total of 13 complaints. Safeco came in second for 2012 and 2013 with a total of 12 and 11 complaints respectively."

#4 -Average Home Insurance Costs in Arizona (Source: www.insurancequotesguide.com )

"The average cost of homeowner's insurance in Arizona was $1,160 in 2013. The national average, however, was $1,386. This difference is because Arizona ranked last in the number of claims per year since 2011. Low claims have historically been positive for insurers' bottom line."

"The most expensive cities to insure your home are all near Phoenix: Gilbert came in first with an average cost of $1,646. Phoenix came in second at $1,635 and Scottsdale followed closely behind at $1,632. The cheapest cities to insure your home are located in the eastern part of the state: Tucson came in first with an average cost of $906. Mesa, Prescott and Sierra Vista followed with $921, $928 and $951 respectively."

"The average cost of homeowner's insurance for a 1-bedroom apartment is $764. For a 2-bedroom apartment, the average cost is $846. If you live in Phoenix, Gilbert or Scottsdale you will pay on average an extra $50 to cover a 1-bedroom and an extra $100 to cover a 2-bedroom."

"The average amount paid out for water damage claims was up 65% in 2013. It was up for wind damage as well, but at a far smaller percentage."

#5 -Which Arizona Home Insurance Companies Offer Lowest Rates (Source: www.insurancequotesguide.com )

"Allstate ranks 1st with an average cost of $1,250 per year. State Farm ranks 2nd with an average cost of $1,281 per year."

"State Farm has had the most complaints against them since the inception of the complaint system in 2011. Allstate has been relatively stingy when it comes to complaints and has maintained a position near the top of the list since 2012. Safeco has been the safest option for Arizona homeowners since 2012 and has consistently ranked near the top of the list."

"When it comes to paying out claims, State Farm and Allstate have significantly higher percentages of claims paid out. Both companies paid out a greater portion than 95% last year. Safeco did not pay a single claim last year."

#6 -Number of Home Insurance Policyholders in Arizona (Source: www.insurancequotesguide.com )

"State Farm ranks 1st with an average number of policy holders at 226,700. Safeco ranks 2nd with an average number of policy holders at 159,200. Allstate ranks 3rd with an average number of policy holders at 91,500. Geico ranks 4th with an average number of policy holders at 85,600."

"The amount of people who insure their homes in Arizona has steadily risen since 2006. This is likely because Arizona ranks last when it comes to the number of people who file claims annually."

#7 -Average Home Insurance for a 2-Bedroom Single Family Residence in Arizona (Source: www.insurancequotesguide.com )

"For a two bedroom single family residence, the average cost is $7,751 per year in 2014. The national average is $8,374."

"Group insurance has an average cost of $5,400 per year. The national average is $6,361."

#8 -Average Catastrophic Losses for a Single Family Residence in Arizona (Source: www.insurancequotesguide.com )

"For a single family residence, the average loss from a catastrophic event is $14,043 per event with an average cost of $2,295 per year. The national averages are $15,991 and $2,450 respectively. This data is based on information provided by the National Association of Insurance Commissioners, which is a non-profit organization that promotes the development and understanding of insurance."

"In 2013 in Arizona, claim amounts ranged from $10 all the way to $3,000,000. The average cost of claims was $51,488 with an average cost per claim of $2,077. The national averages are $44,948 and $1,837 respectively."

#9 -Most Common Number of Insurance Complaints Filed by Arizona Policyholders (Source: www.insurancequotesguide.com )

"Arizona policy holders filed 42 complaints last year. There were 32 complaints in 2013 and 28 complaints in 2012.

Conclusion

"The data in this article are based on information provided by the Arizona Department of Insurance. This information is for informational purposes only and not intended to provide legal advice. If you have any questions about a particular matter, you should consult with an attorney who can advise you on your particular situation.