On average, your neighbors pay $67 a month.See Your Rates
From the Grand Canyon to Red Rocks, Arizona is as beautiful and unique as a desert flower. Arizona was the birthplace of Frank Lloyd Wright, Cesar Chavez, and Sandra Day O’Connor. Whether you’re a sun devil or a wildcat, you should be aware of the homeowners insurance risks present in The Copper State.
How much is home insurance in Arizona? Arizona has some of the lowest average homeowners insurance rates of any state in the US. The average cost of home insurance in the state of Arizona was $810. That's much lower than the national average of $1,173. Only six states have lower average home insurance rates than Arizona.
|Arizona Annual Average||$724||$765||$810|
|Arizona Price Per Month||$60||$64||$67|
|US Annual Average||$1,096||$1,132||$1,173|
|US Cost Per Month||$91||$94||$98|
|Source: Facts + Statistics: Homeowners insurance|
The graph below shows the change in average Arizona home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Arizona homeowners insurance rates increased from $675 in 2011 to $810 in 2015, a jump of $135 dollars, or 20 percent.
Choosing a homeowners insurance company in Arizona should be easier. Actually, it’s already easy. You could just go with whichever company your mortgage lender recommends, but you won’t get the best rates that way. The key to finding the best rates is to compare homeowners insurance in Arizona from multiple companies.
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Arizona. Out of the 19,703 Arizona homeowners that used QuoteWizard to request insurance quotes last year, 680 had no home insurance.
The above list shows Arizona’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
|Rank||Company||Financial Rating||Market Share|
|4||Jackson National Life Group||A+||5.1%|
|7||Guggenheim Capital LLC||B++||4.0%|
|8||New York Life||A++||3.7%|
How much does homeowners insurance cost in Arizona? Insurers consider many different factors when calculating home insurance rates. Some of these factors are based on the home and the homeowner. Other factors depend on the region where the home is located.
Every house is different, and so too are home insurance rates. Insurance carriers start by analyzing your house for insurance risks. A few stick out:
As a house ages, the cost to insure it rises. Older houses have a higher chance of requiring an expensive claim. The odds rise even higher if the house hasn’t been properly maintained.
64.1 percent of the houses in Arizona were built between 1980 and 2009. That’s relatively recent in terms of home construction age. For the 8.9 percent of Arizona homes built before 1959, the chances of a claim needing to be filed rise considerably, and so do their insurance rates.
The roof is the main source of protection for your home against weather. If your roof is old or in poor condition, insurers will charge you higher rates.
During the summertime, temperatures in Arizona approach 100 degrees nearly every day. When it’s this hot, your roof can reach temperatures of 160 degrees or more. UV rays from the sun can make an asphalt roof dry and brittle, destroying any waterproofing ability it has. Extreme heat can speed up this process even more, weakening its flexibility. Thermal shock can set in as the roof expands and contracts as it heats up and cools down. This causes the roofing to strain and split.
Terracotta or clay tiles are great in hot climates. They are incredibly heat resistant and durable, giving your roof a long life. Both last up to fifty years. Even if you have an asphalt shingle roof, pay attention to its lifespan.
Replacement cost refers to the dollar amount required to rebuild your home from the ground up. You need enough dwelling coverage, the cornerstone of home insurance, to match your home’s replacement cost.
It’s important to understand that a house’s replacement cost and market value are two separate things. A $229,000 home in Glendale could have a higher replacement cost than a $450,000 Scottsdale home. Market value is not an accurate reflection of what your replacement cost could be.
Replacement cost depends on a house’s size, style, and finishes. A lavish house with high end appliances and custom finishing will obviously have a higher replacement cost than a modest house. You can calculate a rough estimate of your home’s replacement cost.
Filing a claim virtually guarantees a raise in your premium. Claims stays on your insurance record on average for five to seven years. If you file another home claim within that time period, your rates can shoot up even more, or your insurer may even refuse to renew your coverage.
If you’re about to make a claim request, it may not be worth it. If the damages to your home are relatively minor, you should pay for repairs out of pocket. IT will save you money in the long run.
Arizona is definitely pet country, but that can lead to insurance complications. Unfortunately, certain dog breeds are considered high risk by insurers. If your dog is one of those ‘risky’ breeds, you might face high rates or difficulties finding an insurer. Owning exotic pets can lead to a rate increase as well.
Insurance companies check credit scores during the quoting process. If you have bad credit, you’re going to face higher insurance rates. Your current credit debt, history, and limits all figure into your rate. The average credit score in Arizona is 676. This is slightly under the national average of 682.
Weather is a significant factor in homeowners insurance rates. It’s a regional factor, so bad weather hurts rates for everyone in your area, not just you.
During the summer months, flooding is a danger in Arizona. And absolutely no homeowners insurance plan covers damage from flooding. You will need to have flood insurance specifically for that.
If you live in an area with a high rate of property crime, expect higher rates. Property crime rates vary across Arizona. Tempe, for example, has a property crime rate of 49.57 per 1,000 residents. Prescott, on the other hand, has a property crime rate of 21.95 per 1,000 residents. Tempe residents will face higher rates.
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