Insurance tips to remember

Home Insurance Facts That Should Not Be Overlooked

A home buyer has found his/her dream home and is making plans to move in in a few short weeks.  But how well is their most expensive purchase to date protected?  With the never ending list of things to get completed before the close of escrow, making sure insurance is in place so the lender can receive the declaration of insurance page before going to underwriting is just one more item to get done .  So you want your insurance agent to get this off your plate as soon as possible.  However, it will be worth your time to have details discussion with your agent to make sure your home is properly insured.  Here are some important decisions regarding home insurance that should be considered. 

Replacement Cost is key

All homes should be insured for the replacement cost which is not market or appraised value.  The market value takes into account location, neighborhood desirability, condition of the home, etc. Replacement cost is what it costs to replace the house regardless of location.  Think of it this way; the exact same home built in Eloy (near Casa Grande) and Scottsdale will have significantly different market values but the cost to rebuild the house will be the same.

The upgrades currently in the home will affect the replacement cost. Make sure the insurance agent knows the level of upgrades, especially the expensive ones such as plantation shutters, upgraded flooring and kitchen cabinets.

Insuring for cash value will turn into a disappointing surprise if there is a claim because the cash value subtracts out the depreciation.

Ordinance or Law Coverage

This coverage covers the increased cost caused by adherence to current laws and ordinances.  With time building codes change and repairs or replacements will need to incorporate these updated code changes. For example, if a tree falls onto your home that was built in 1985 and the repairs require updated electrical, plumbing or roof systems to meet the current codes this could result in a more costly repair than is covered in the policy. There is a base level of coverage for Ordinace and Law coverage in most policies, just make sure yours is adequate for your home.

Many thanks to Martin Watts with Legacy Insurance (480-969-6229) for helping with the content of this post.

If you’re looking for a home, click on Home Search . If you’d like to know the value of your home, click on Tell Me The Value of My Home.  And if you have any real estate questions, please call me at 480-326-8571.

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4 beds, 3 baths
Home size: 2,913 sq ft
Lot Size: 8,712 sq ft
Added: 01/05/21, Last Updated: 01/17/21
Property Type: Single Family
MLS Number: 6173464
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Elegant home located in the prestigious gated lake community of Playa Del Ray Estates on the water! The community features beautiful fountain common areas, putting greens and so much more The home features a grand entrance and vaulted ceilings 12 to 14 feet high. An oversized kitchen and open space floor plan that's perfect for entertaining. This gated community boasts 2 lakes, 1 for watercraft recreational use and the other for tranquil enjoyment. Private pebble tec pool on the water as well. Shutters throughout. This is a one of a kind, do not miss out, see it today before it's gone

Listed with Superlative Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$650,000 :: 1418 W EMERALD KEY Court, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,798 sq ft
Lot Size: 9,148 sq ft
Added: 12/04/20, Last Updated: 01/09/21
Property Type: Single Family
MLS Number: 6167989
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
Status: Active


LAKE FRONT HOME in Cul-de-sac!! This is a 2800 sq. foot home with a pool!! Beautiful location on the point with 3 lake channels views in the sought-after ''Island'' community In Gilbert. There are 2 master suits, an additional setting room area, and have amazing lake views!! Master is one wing of the home, split, with 2 exits to the pool, lake and patio area!! Awesome backyard with incredible views, cover patio, boat dock, artificial grass, mature landscaping. Kitchen has granite, lots of counter space, gas cook top, duel ovens, stainless appliances and lots of cabinets. Eat in kitchen with great views!! Formal living/dining room, huge family room, 2-way fireplace, 2 upgraded 16 seer AC units, great community, walking, biking, volleyball and a lot more!!

Listed with The Manz Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$800,000 :: 1409 N MISSION COVE Lane, Gilbert AZ, 85234

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3 beds, 3 baths
Home size: 2,972 sq ft
Lot Size: 9,584 sq ft
Added: 01/02/21, Last Updated: 01/08/21
Property Type: Single Family
MLS Number: 6172318
Community: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Tract: MISSION BAY ESTS AT VAL VISTA LAKES AMD 1-73 A-D
Status: Active


Live the luxury lakefront lifestyle in Val Vista Lakes! This well-maintained and beautifully updated single-level home is perfectly situated on the lake with extensive uninterrupted views of West Lake. Highly desirable location in Gilbert - one of the most sought after cities to live! This home would be perfect for a lock-n-leave during the winter months or gracious year round residence. New granite kitchen countertops on full-overlay cherry cabinets. Center island cooktop ideal for entertaining or slipping out to the covered patio for dining al fresco. Island bar seating for 3-4 or large sunny dinette with beautiful plantation shutters. Add the formal dining room and you could host large gatherings for friends & family. Open concept kitchen and family room with corner fireplace

Listed with Keller Williams Integrity First


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$800,000 :: 1818 E WILLOW TREE Court, Gilbert AZ, 85234

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2 beds, 3 baths
Home size: 2,992 sq ft
Lot Size: 11,762 sq ft
Added: 12/10/20, Last Updated: 12/21/20
Property Type: Single Family
MLS Number: 6168349
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 12/21/2020 by 3%
Status: Active


Highly sought-after single-level waterfront on the main lake on Val Vista Lakes. This immaculately maintained home is move-in ready. Very low maintenance and perfect lock-&-leave property for people on the go or as a seasonal home. Situated on a point & very open portion of the lake with views in all direction. Private dock where you can set sail for a sunset cruise or over to the clubhouse for a quick round of tennis or pickle-ball, or work-out at the gym. Large kitchen with stainless steel appliances, granite countertops, excellent views of the water and large dinette area. Loads of storage with 2 pantries and addition service bar. Large owner's suite overlooking the lake, large bathroom and walk-in closet & more storage! Second en-suite master with another large walk-in closet!

Listed with Keller Williams Integrity First


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$2,000,000 :: 193 N SKI Court, Gilbert AZ, 85233

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5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 11/02/20, Last Updated: 11/02/20
Property Type: Single Family
MLS Number: 6155305
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
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Resort style living. Freshly remodeled Custom Home on a private water ski lake. Water ski, wakeboard, sail or paddle just out your back door. New limestone walkways lead you to iron doors that open to a 21' tall foyer & great room. A fantastic view of the pool & lake thru a wall of glass. Master Suite, private office & guest bedroom are on first floor. All bedrooms have their own full bath. Enjoy: Quartzite counters w/maple cabinets & 2 islands . Built in SS refer, ovens, warming draw, 6 burner cooktop, DW & prep sink. The home boasts: An oversize 5 car garage. Bonus Room w/ wet bar & pool table. Covered patios & balcony w/ bbq, hood & sink. Covered boat dock w/ lift, sink & refer. Storage building for pool & lake toys. Remodeled pool and spa. Commercial misters. Outdoor shower. Etc.

Listed with The Hogan Group LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


 

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