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.

Related Blog Posts

HOA Reserve Studies – A useful tool in your due diligence

Gilbert waterfront homes and communities

Waterfront homes by price

Great hamburgers in Gilbert

$599,900 :: 136 N STARBOARD Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,177 sq ft
Lot Size: 7,841 sq ft
Added: 09/20/21, Last Updated: 09/20/21
Property Type: Single Family
MLS Number: 6295652
Community: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Tract: EAST LAKE AT WIND DRIFT LOT 1-46 TR A,B
Status: Active


Welcome to the waterfront community of East Lake in central Gilbert. This 4 bedroom 2.5 bath home has been remodeled from the studs and shows like a new build model. The pictures tell the story! All mechanicals are brand new... a/c units/air handler and ducting & water heater. All flooring (tile and carpet new). Amazing designer touches in all bathrooms. Oversized master bedroom with lake views master bath features tiled stand alone shower with seamless glass enclosure and separate soaker tub. Different cabinet finishes in all 3 bathrooms and kitchen. Spacious kitchen with white shaker cabinets, some with pull out shelving, new disposal and faucet sink combo. Breakfast bar and eat in area. Family room (with fireplace) right off the kitchen which makes a good entertaining space.

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/!


$760,000 :: 602 N Mondel Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 3.5 baths
Home size: 3,943 sq ft
Lot Size: 9,584 sq ft
Added: 05/19/21, Last Updated: 09/16/21
Property Type: Single Family
MLS Number: 6226707
Community: Playa Del Rey
Tract: Playa Del Rey
The price of this listing was last reduced on 9/16/2021 by 2%
Status: Active


FULLY PAID Solar Panels with back up battery keeps your electricity bills to a minimum. Popular DUAL master bedrooms plan. Gated Ski lake community. True to the builders name AMZ, you are greeted into this Amazing home with crystal chandeliers, magnificent ceilings, brand new neutral paint. Two master suites included in 5 extra large bedrooms PLUS Loft, multiple rooms with walk-in closets. Owner extended the covered patio to include patio cover in the formal area. Master Balcony looks into the beautiful treelined waters. You will experience views from Family Room, Living Room, Guest room and both the Master Suites. Kitchen has exceptional quality cherry cabinets that are so hard to find these days. New Carpet, new paint in the garage, entertaining Ramada, Barbecue with granite counters.

Listed with United Brokers 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/!


$560,000 :: 1442 W CORAL REEF Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 3 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 06/18/21, Last Updated: 09/09/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6239386
Community: the islandstownhomes on coral reef
Tract: the islandstownhomes on coral reef
The price of this listing was last reduced on 9/9/2021 by 2%
Status: Active


Lake front property! Bring your paddle boats, pontoons, kyaks, paddle boards, canoes and troll around in these beautiful water. This fantastic water front property is waiting for you to call it home. Liveable floor plan. Beautiful views from your patio and balcony. Travetine floors, master travertine shower and surrounds- spacious bedrooms, open greatroom and kitchen with beautiful granite counters and island. Den downstairs and loft upstairs. Perfect lock and leave home as the HOA maintains outside. Just put in a boat dock and you are ready to relax and have fun right out your backdoor.

Listed with HomeSmart Lifestyles


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


$1,287,461 :: 1452 E BLUE RIDGE Way, Gilbert AZ, 85298

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 3,949 sq ft
Lot Size: 12,633 sq ft
Added: 07/28/21, Last Updated: 09/02/21
Property Type: Single Family
MLS Number: 6270680
Community: HAMSTRA DAIRY PHASE 1 REPLAT
Tract: HAMSTRA DAIRY PHASE 1 REPLAT
The price of this listing was last increased on 9/2/2021 by 0%
Status: Active


Located in the master-planned community of Waterston with a 7-acre Central Park and Lake this single story MODEL home features black gourmet stainless steel appliances with a G.E. 36'' gas cooktop, double wall ovens, professional 36'' vented hood, microwave, dishwasher and refrigerator, granite and quartz kitchen countertops, designer kitchen backsplash, Timberlake Portfolio Lusanne maple truffle kitchen cabinets, oversized kitchen island, two-tone interior paint, 12' ceiling at great room, walk-in shower at primary bath, stackable washer and dryer at primary suite closet, slider at gameroom, exterior fireplace in courtyard, exterior French door at primary suite, professionally landscaped front and back, pavers at driveway and porch and so much more. Close of escrow on or before 11/15/21

Listed with Tri Pointe Homes Arizona 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/!


$349,900 :: 2670 S VOYAGER Drive #109, Gilbert AZ, 85295

Property Photo

Mls Icon

2 beds, 2 baths
Home size: 1,006 sq ft
Lot Size: 872 sq ft
Added: 08/23/21, Last Updated: 08/23/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6283225
Community: VAL VISTA CLASSIC PARCEL 3 CONDOMINIUM AMD
Tract: VAL VISTA CLASSIC PARCEL 3 CONDOMINIUM AMD
Status: Active


Located in the highly sought after GATED neighborhood of Annecy. This spectacular residence sits on the waterfront within a gated community that is close to great schools, shopping, fine dining, freeways, hospitals and more. This residence features a spacious kitchen with granite counters, upgraded cabinets, stainless steel appliances & tile backsplash. Kitchen opens to a great room and has tile & bamboo wood flooring, beautiful window treatments, vaulted ceilings and numerous decorative touches. Master bedroom includes a large master bathroom and walk-in closet. 2nd bedroom/den + additional full bathroom. Downstairs features a 2nd family room. 2 car garage with cabinets, work bench and plenty of storage room.

Listed with Venture REI, 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/!


$1,100,000 :: 1817 E BAY TREE Court, Gilbert AZ, 85234

Property Photo

Mls Icon

3 beds, 3.5 baths
Home size: 2,780 sq ft
Lot Size: 11,762 sq ft
Added: 08/06/21, Last Updated: 08/06/21
Property Type: Single Family
MLS Number: 6264581
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Beautiful custom waterfront home in gated Lakeside subdivision at Val Vista Lakes. Relax and enjoy the sunsets in your pool or spa while enjoying the gorgeous lake views! Take a spin around the lake at sunset and stop for a concert on the lake or meet friends at the clubhouse! Large bedroom suites up and down. Upstairs suite has large balcony and walk-in closets with separate tub and shower. Rare extended length, temperature controlled RV Garage for a boat, Razor or trailered toys. (Not motorhome height) Unique garage could allow more than 3 autos.

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/!


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

Property Photo

Mls Icon

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/!


 

Leave a Reply

Your email address will not be published. Required fields are marked *