Joe Kennedy: Hey, it’s Joe Kennedy with the Kennedy Agency in Gilbert, Arizona. One question that comes up quite often is are homeowner’s insurance and hazard insurance the same thing? And the answer is no. A home insurance policy consists of four key coverages. Hazard insurance happens to be only one of the four. Hazard insurance is going to cover your actual house, and it’s going to cover your personal property. So, if you have a iPhone, you probably have hazard insurance on that, so if it gets broken you can file a claim. When you own a home, however, you have other things that you need to take into consideration that are extremely important on your policy. You have additional living expense is the second coverage, and that is going to pay to put you in a comparable living situation if you file a home insurance claim, and you can’t occupy your house while the home’s being repaired. You have medical coverage… Medical payment, excuse me, which if somebody gets hurt on your property, that can go towards paying some of their medical expenses.
Then you have liability, which is definitely the most important part of your home insurance policy, and this is going to protect your financial future. If somebody tries to sue you, and you have equity in your home, you could possibly have to take out an equity loan to take care of that lawsuit. If you have sufficient liability coverage, that’s what that’s going to cover. It’s going to protect your financial future. So, hope this makes sense. Hope it clears any confusion that’s out there. If you own a home in Arizona, you have to have a homeowner’s insurance policy. If you occupy that home, hazard insurance is just a portion of it. Have any other questions? Definitely give us a call. (480) 526-8277, call or texts. Email me, at joekennedy@allstate.com. Have a great week.

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