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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$625,000 :: 4732 S GRISWOLD Street, Gilbert AZ, 85297

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4 beds, 3 baths
Home size: 2,899 sq ft
Lot Size: 10,890 sq ft
Added: 04/18/20, Last Updated: 07/13/20
Property Type: Single Family
MLS Number: 6067788
Community: LAYTON LAKES PARCEL 1 2ND AMD
Tract: LAYTON LAKES PARCEL 1 2ND AMD
The price of this listing was last reduced on 7/13/2020 by 2%
Status: Active


Rare Opportunity! This incredible single-level home has loads of high-end upgrades and is on a sensational, hard to find lake lot in Gilbert. Home has recently had a new hot water heater and soft water system installed and is freshly painted. Office can be easily converted into a bedroom to make this a 5 bedroom home. The Layton Lakes community offers several walking/biking trails, playgrounds, splashpad and so much more. This home is truly move-in ready!!

Listed with HomeSmart


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


$699,000 :: 118 S DIAMOND KEY Court, Gilbert AZ, 85233

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4 beds, 3.5 baths
Home size: 3,477 sq ft
Lot Size: 10,019 sq ft
Added: 06/12/20, Last Updated: 07/08/20
Property Type: Single Family
MLS Number: 6090071
Community: SHORES AT THE ISLANDS UNIT 5 LOT 64-75 TR A,B
Tract: SHORES AT THE ISLANDS UNIT 5 LOT 64-75 TR A,B
The price of this listing was last reduced on 7/8/2020 by 4%
Status: Active


This spectacular water front lot property is now available! Boasting a well manicured desert landscaping with palms galore. One of a kind interior has welcoming entry way, formal living & dining areas, speakers in the right places, and perfect size loft. You will love the huge family room comprised of built-in entertainment center, fireplace, and two double french doors. Chef's kitchen includes high-end appliances and plethora of cabinets. Amazing downstairs master suite offers private backyard exit, fireplace, window seat, his & her walk-in closets, and lavish bath featuring jetted tub, step-in shower, and his & her sinks. There's a guest bedroom with an exit to a private balcony! Enjoy the stunning lake views in the backyard while relaxing in the spa or cooking in the BBQ. Must see!

Listed with Investar Real Estate Specialists 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/!


$775,000 :: 1441 E CATAMARAN Drive, Gilbert AZ, 85234

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4 beds, 2.5 baths
Home size: 3,378 sq ft
Lot Size: 12,633 sq ft
Added: 05/09/20, Last Updated: 07/02/20
Property Type: Single Family
MLS Number: 6076420
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
The price of this listing was last reduced on 7/2/2020 by 1%
Status: Active


Rare Waterfront 3378 sf Single Level in Val Vista Lakes! Lake Views visible from Entry, Formal Living, Family Room, Kitchen, Breakfast Room & Master Suite! Gorgeous Views of Lake & West Lake Homes. Full-length South-facing Cov'd Patio across entire back of home + Lighted Steps leading to Lake. Custom Floating Ceiling in Formal Dining, 3-way Gas Fireplace visible from Entry, Formal Living & Dining Rooms. Extensive use of Engineered Hardwood flooring. Immaculate w/Complete-Home Sound System, Nest System, Refrigerator, Washer, Dryer & Home Warranty all included! Val Vista Lakes features a $10 Million Clubhouse, Heated Jr. Olympic Pool, Sandy Beach, Spa, Tennis/Pickle Ball Club, Racquetball, Fishing, Boating & More! Very close to Dana Park Shops, Restaurants! Award-winning Gilbert Schools!

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/!


$379,475 :: 1326 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,016 sq ft
Lot Size: 3,921 sq ft
Added: 04/17/20, Last Updated: 06/30/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6067374
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
The price of this listing was last reduced on 6/30/2020 by 3%
Status: Active


WATERFRONT LAKEFRONT LOT in a GATED COMMUNITY with a gorgeous backyard that backs up to the water. Sit out on the balcony and watch the beautiful waterfall. Home has bay windows in the dining room and kitchen. Awesome views from the dining room. Home has Two Zone Air Conditioners. Masterbath has separate Shower and Tub. Home flows smoothly and has great views. Also you can put your boat in the big lake and take it up to the community pool and spa.

Listed with Keller Williams Realty Sonoran Living


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


$999,900 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 02/01/20, Last Updated: 05/28/20
Property Type: Single Family
MLS Number: 6031674
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Live in 5,000 sq. ft. of the main home and put guests or a tenant in the 1,200 sq. ft. next gen suite which has a separate entrance. Wakesurf and wakeboard on your private lake from the dock in your own backyard. Owner will include the boat in the sale as a turn-key lakefront luxury experience.

Listed with West USA 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/!


$445,000 :: 517 S MARINA Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,003 sq ft
Lot Size: 4,356 sq ft
Added: 03/13/20, Last Updated: 05/08/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050491
Community: CORAL POINT TRACT A-K
Tract: CORAL POINT TRACT A-K
Status: Active


Lakefront Property! Upon entering, notice the soaring 26ft ceilings in your open and airy living room. This charming home has an updated kitchen with white cabinets, granite countertops, granite backsplash, and beautiful views. 2 large glass sliding doors that open onto a tile patio compete with 2 fire pits, a pond, an in ground spa and amazing views of the lake. Upstairs the large master suite includes his and hers closets, vaulted ceilings and a deck overlooking the lake. Don't miss out on the chance to live in your own ''Island'' paradise.

Listed with Keller Williams Realty Sonoran Living


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


$553,000 :: 1414 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,545 sq ft
Lot Size: 1,743 sq ft
Added: 03/13/20, Last Updated: 04/06/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050219
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
The price of this listing was last reduced on 4/6/2020 by 2%
Status: Active


Waterfront lot with custom inside built in 2007. Custom Alder cabinets in entire home with granite counters. Travertine flooring thru entire home except carpet in 3 bedrooms. Downstairs den with double doors can be changed to a bedroom if needed. Open floorpan with kitchen, dining, and family room all open to view of the lake. Sliding door to cement patio area. Master bedroom has a balcony also. Electric fireplace in family room. Surround sound inside and out. Huge master with his and her sinks , jetted tub. Master has sitting area with wet bar. Both other bedrooms have their own sink area and share toilet/shower. Dual HVAC system . Extra insulation for every efficient home. Washer and dryer are tenants. Fridge stays with offer. Home warranty in place with 2-10. Owner/Agent.

Listed with Sun Canyon 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/!


 

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