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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$995,000 :: 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: 03/09/23, Last Updated: 03/09/23
Property Type: Single Family
MLS Number: 6529473
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


Fantastic opportunity, Rare Find Waterfront - 1 story Home in Fabulous Val Vista Lakes! Seller Financing Available!This Home is Perfect for Families and Entertainment - 4 Bedrooms, 2.5 bath, 3378 Sqft, 3 Car Garage, Spacious bedrooms, Smart lighting throughout the house, Double Sided Fireplace, Bar, Split Floor Plan for Your Privacy, and Bonus - Home Theater! Home includes a custom made media room with 135'' screen, 4k projector, surround sound system, soundproof insulation and reclining chairs. Furniture available. Gilbert is Award-winning Gilbert School District! Val Vista Lakes features a $10 Million Clubhouse, Heated Jr. Olympic Pool, Sandy Beach, Spa, Tennis/Pickle Ball Club, Racquetball, Fishing, Boating & More!

Listed with Realty ONE 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/!


$1,740,000 :: 1523 E TREASURE COVE Drive, Gilbert AZ, 85234

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4 beds, 4.5 baths
Home size: 5,992 sq ft
Lot Size: 17,424 sq ft
Added: 02/09/23, Last Updated: 02/09/23
Property Type: Single Family
MLS Number: 6516482
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


OPPORTUNITY IN WEST LAKE. This home has been occupied by the original family since build. Situated in one of the towns most desirable gated communities in Val Vista Lakes. The exceptional character of this property sets it apart from most custom homes. Home has generously apportioned rooms with all bedrooms en-suite. Two home office spaces, one up and one on the lower level. Primary suite has large sitting room den with access to the balcony outdoor living area. Two walk-in closets, spacious primary bathroom with separate tub & shower and vanitiesLower level has large bedroom and bathroom with patio/pool access. Kitchen could be a remodelers dream! Enormous opportunity for entertainers with large dinette, pantry, wet bar that opens to family room on one side and formal dining room on the

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/!


$820,000 :: 510 S LAGOON Drive, Gilbert AZ, 85233

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4 beds, 2.5 baths
Home size: 2,493 sq ft
Lot Size: 8,277 sq ft
Added: 02/02/23, Last Updated: 02/07/23
Property Type: Single Family
MLS Number: 6507074
Community: WINDHAVEN
Tract: WINDHAVEN
Status: Active


Rare waterfront property in the highly desirable Islands neighborhood! Large covered patio with private pool and boat dock. Gourmet kitchen including an island, SS appliances and granite countertops. Stunning views of the lake from interior dining and backyard. Prime location in the Windhaven Subdivision and perfect for any water lover! New A/C units purchased 2022.

Listed with LUX AGENCY


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


$3,500,000 :: 378 N SHORE Lane, Gilbert AZ, 85233

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6 beds, 6 baths
Home size: 7,120 sq ft
Lot Size: 20,038 sq ft
Added: 02/07/23, Last Updated: 02/07/23
Property Type: Single Family
MLS Number: 6517238
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


A public Beach is nice, but YOUR BEACH IS BETTER! As seen on Fox 10! Welcome to Crystal Point Estates, the most established Water Ski Community in Phoenix.The lake was built exclusively for competitive water skiing-1/2 mile long, 225 ft wide, 8ft deep, wind protected, includes a slalom course, jump ramp, and two turn islands at each end of the lake that help with wash out. Conveniently located near downtown Gilbert, major highways, and a short drive to Sky Harbor Airport. Once you drive through the gates you realize you're experiencing a special place. Your FULLY FURNISHED luxury home features 6 bedrooms, 6 baths(4 full and 2 half baths). Upon entering take notice of the dramatic ceilings, perfectly appointed rooms, large Bay windows-maximizing all the sunshine Arizona has to offer.

Listed with eXp 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/!


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

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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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