The mortgage company wants me to take home insurance, Phoenix style, for the full amount of the loan. What do you think? A home insurance, Phoenix type policy will only cover the dwelling and the structure and personal property inside the house. If the mortgage company lends you 80-100% of the total cost, there is no need to insure the land, too. Therefore you would be over-insuring your home and paying too much for your Arizona home owner insurance policy. Regardless of how much the mortgage company lends you, the Insurance Company will only pay to rebuild the structure.
