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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$844,000 :: 1734 E QUEEN PALM Drive, Gilbert AZ, 85234

Property Photo

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4 beds, 3 baths
Home size: 2,658 sq ft
Lot Size: 12,197 sq ft
Added: 04/15/21, Last Updated: 04/15/21
Property Type: Single Family
MLS Number: 6218906
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Step into gated lakefront luxury and be welcomed with views that only waterfront living can provide! This spotless home features 4 bedrooms, 3 renovated bathrooms, a chef's kitchen, a master bedroom with access to an upstairs deck allowing for unobstructed views of the lake, sparkling private pool and built in BBQ. Pride of ownership, this home has received accolades from the community architectural committee for the beautifully landscaped yard. Community amenities include tennis, pickleball, a baseball field, community playgrounds, a rose garden, a recently approved addition of a community garden, 5 community pools including a beach entry pool with real white sand! A+ schools and the elementary school right outside the gate! Just minutes to the 60, shopping, dining, and entertainment.

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/!


$1,250,000 :: 1726 E QUEEN PALM Drive, Gilbert AZ, 85234

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4 beds, 3 baths
Home size: 3,134 sq ft
Lot Size: 11,326 sq ft
Added: 04/14/21, Last Updated: 04/14/21
Property Type: Single Family
MLS Number: 6221496
Community: VAL VISTA LAKES
Tract: VAL VISTA LAKES
Status: Active


Rare opportunity in Val Vista Lakes to own a fully furnished turn key home on the waterfront that's been completely remodeled inside and out!! Absolutely stunning views of the lake with a modern/contemporary interior flare! Open great room concept, natural light throughout, quartz counters, stainless steel appliances, kitchen island, tile floors, new roof, new exterior stucco & paint, newer AC units, heated pool & spa, covered patio, and so much more as this home was taken down to the studs! 4 beds, 3 baths, 2 fireplaces, built in BBQ area and boat dock! Located in one of the premier lake communities in AZ with unrivaled community amenities, you don't want to miss out on a chance to own a home in paradise. **All furniture included and pontoon boat available by separate bill of sale.**

Listed with RE/MAX Fine Properties


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


$575,900 :: 1025 W PENINSULA Drive, Gilbert AZ, 85233

Property Photo

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4 beds, 3 baths
Home size: 2,787 sq ft
Lot Size: 10,019 sq ft
Added: 12/05/20, Last Updated: 01/27/21
Property Type: Single Family
MLS Number: 6156476
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


BEST PRICED WATERFRONT ISLAND HM.N/S.EXP.OVER 10K SF WATERFRT VIEW LOT W/94 FEET OF WATER FRONT & APPROX.120FT DEEP LOT.PRVT DOCK BRIGHT&OPEN.FORMAL LVG;DININGNOOK+FR.VAULTED CEILING.UPDATED FLOORING;GRANITE COUNTER KITCHEN CABINETS;WHITE WOOD SHUTTERS.SECURITY DRS@ENTRY&BACK PATIO DBL FRENCH DOOR. OVER-SIZED COV'D PATIO.WET BAR W/GRANITE COUNTER.ALL BATHS HAVE BEEN REMODELED.MASSIVE MASTER BR W/HIS&HER'S CLOSETSSEP.TUB/SHOWER.2 SINKS W/SPACIOUS COUNTER SPACE&STORAGE.DBL FRENCH DOOR W/SEC.IRON GATE WALK ON TO PVT WATER FRONT VIEW DECK FOR YOUR LEISURE MORNING RELAXATION -THEN RETURN TO ENJOY THE INCREDIBLE ARIZONA SUNSET-LIFE IS JUST PERFECT HERE. HURRY! CALL NOW FOR YOUR PRIVATE TOUR ARRANGEMENT. MUST SEE TO APPRECIATE. MASKS REQUIRED WHILE ON THE PREMISE.

Listed with FDR Real Estate


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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