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.
In
suring 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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3 beds, 3 baths
Home size: 1,797 sq ft
Lot Size: 3,921 sq ft
Added: 09/29/23, Last Updated: 10/02/23
Property Type: Single Family
MLS Number: 6608744
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
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Listed with Real Broker AZ, 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/!
$1,499,999 :: 1232 W EDGEWATER Drive, Gilbert AZ, 85233
5 beds, 3.5 baths
Home size: 4,032 sq ft
Lot Size: 10,019 sq ft
Added: 09/15/23, Last Updated: 10/01/23
Property Type: Single Family
MLS Number: 6605570
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 10/1/2023 by 3%
Status: Active
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Listed with Real Estate Brokers of Arizona
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$699,999 :: 610 S MARINA Drive, Gilbert AZ, 85233
3 beds, 2.5 baths
Home size: 2,128 sq ft
Lot Size: 5,663 sq ft
Added: 09/24/23, Last Updated: 09/24/23
Property Type: Single Family
MLS Number: 6606365
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
Private gated community waterfront house with gorgeous water & waterfall views! Amazing floor plan with loft & skylights. Beautiful hickory hardwood floors on stairs & upper level with tile on lower level. New HVACs (both replaced 8/2023); New windows dual pane (2016). New interior paint (9/2023). Stove is electric but has gas stub. HOA maintains front/rear landscaping, exterior paint, streets, gates, pool area. Short walk to the community pool with more water views, plenty of shade & BBQ's. The Islands has a plethora of paths/trails, playgrounds, basketball, sand volleyball, bocce, community dock, catch & release fishing, shaded ramadas with grills and much more. Welcome Home!
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/!
$659,000 :: 1353 W CRYSTAL SPRINGS Drive, Gilbert AZ, 85233
3 beds, 2.5 baths
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Lot Size: 3,921 sq ft
Added: 09/21/23, Last Updated: 09/21/23
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MLS Number: 6606304
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
Status: Active
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Listed with Real Broker AZ, 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/!
$1,635,000 :: 1507 E TREASURE COVE Drive, Gilbert AZ, 85234
3 beds, 3.5 baths
Home size: 3,633 sq ft
Lot Size: 14,375 sq ft
Added: 08/30/23, Last Updated: 09/20/23
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MLS Number: 6596878
Community: West Lake Estates of Val Vista Lakes
Tract: West Lake Estates of Val Vista Lakes
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Listed with Call Realty, Inc.
Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!
$629,000 :: 1413 W CLEAR SPRING Drive, Gilbert AZ, 85233
3 beds, 3 baths
Home size: 1,797 sq ft
Lot Size: 4,356 sq ft
Added: 09/16/23, Last Updated: 09/20/23
Property Type: Single Family
MLS Number: 6602973
Community: CORAL POINT REPLAT LOT 1 & 2
Tract: CORAL POINT REPLAT LOT 1 & 2
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Listed with Real Broker AZ, 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/!
$2,000,000 :: 1750 E COCO PALM Court, Gilbert AZ, 85234
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MLS Number: 6560481
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 9/16/2023 by 5%
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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/!
$1,350,000 :: 2004 E CATAMARAN Drive, Gilbert AZ, 85234
4 beds, 3.5 baths
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Lot Size: 14,375 sq ft
Added: 05/27/23, Last Updated: 09/07/23
Property Type: Single Family
MLS Number: 6558805
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Tract: The Regatta at Val Vista
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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/!
$797,000 :: 1248 W EDGEWATER Drive, Gilbert AZ, 85233
5 beds, 3 baths
Home size: 2,719 sq ft
Lot Size: 7,841 sq ft
Added: 05/11/23, Last Updated: 09/01/23
Property Type: Single Family
MLS Number: 6550410
Community: CATALINA BAY AT THE ISLANDS UNIT 4
Tract: CATALINA BAY AT THE ISLANDS UNIT 4
The price of this listing was last reduced on 9/1/2023 by 3%
Status: Active
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Listed with Real Broker AZ, 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 :: 1031 S CORAL KEY Court, Gilbert AZ, 85233
4 beds, 2.5 baths
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Lot Size: 12,633 sq ft
Added: 08/16/23, Last Updated: 08/16/23
Property Type: Single Family
MLS Number: 6589216
Community: KEY HARBOR LOT 1-71 TR A-C
Tract: KEY HARBOR LOT 1-71 TR A-C
Status: Active
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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/!