By: Hemanth Ramesh September, 02, 2019
According to research by Gavop, homeowners in Phoenix, Arizona pay an average homeowners’ insurance premium of $910 per annum, which is $319 less than the state average of $1228. The typical home value in Phoenix is around $174,400.
About 55,611 homes in Phoenix have a home value of less than $50,000. Homeowners with homes valued less than $50,000 pay an average homeowner’s insurance rate of $86 per annum.
Homeowners with 1 bedroom homes in Phoenix have an average home value of around $62,500 and an estimated replacement value of $50,000. Gavop recommends Phoenix homeowners with 1 bedroom homes to opt for home insurance coverage between $50,000 and $75,000.
Homeowners with 2 bedroom homes in Phoenix have a typical home value of $109,500 and replacement value of $90,000. For such homes, Gavop recommends home insurance coverage between $125,000 and $150,000 in Phoenix, Arizona.
Phoenix homeowners with 3-bedroom homes have a typical home value of $115,000 and a replacement value of $100,000. According to Gavop, these Phoenix homeowners should seek insurance coverage in the range of $125,000–$150,000.
Phoenix homeowners with a home value of less than $200,000 pay an average homeowner's insurance rate of $662.
Four-bedroom homes in Phoenix cost around $207,000 and have an estimated replacement value of $190,000. Gavop recommends an insurance coverage range of around $200,000–-$250,000 for a typical 4 bedroom home in Phoenix.
Phoenix homeowners with homes valued at less than $300,000 pay an average homeowner's insurance rate of $971 per annum.
A 5 bedroom home has an estimated value of $213,000 in Phoenix and an estimated replacement cost of $190,000. The insurance coverage for such homes should be between $150,000 and $175,000, according to Gavop.
Homeowners with a home value of more than $300,000 pay an average homeowner's insurance rate of $1,238 per annum.
The average claim cost for water damage in Phoenix is around $5,914, while hail and wind damages can cost around $4,948 and $6,433 respectively. An average physical damage claim costs around $2,392. Claims related to fire and smoke are typically much more expensive at $45,123 and $17,389 respectively.
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.