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

$515,000 :: 1326 W CORAL REEF Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,048 sq ft
Lot Size: 2,178 sq ft
Added: 05/14/21, Last Updated: 05/14/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6234271
Community: TOWNHOMES ON CORAL REEF
Tract: TOWNHOMES ON CORAL REEF
Status: Active


Waterfront, lock and leave living at its best! This freshly updated townhome on the water in Islands is that perfect low maintenance, relaxing home you've been looking for. Dramatic double height ceilings in the living room welcome you to this well cared for and turn key property. Kitchen opens to the dining room and both share views of the water. Laundry, garage access, half bath and storage are downstairs. Upstairs you'll find 3 bedrooms and 2 more baths. Master bedroom boasts huge walk-in closet, snail shower & private, lakeside balcony. Solar tube skylights bring in lots of natural light while keeping the heat out. Secondary bedrooms have balcony access as well. Great location, close to freeways, shopping, schools and more. These units are rare in normal markets, so don't delay!

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/!


$500,000 :: 1438 W CORAL REEF Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,289 sq ft
Lot Size: 1,743 sq ft
Added: 05/06/21, Last Updated: 05/13/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6232253
Community: TOWNHOMES ON CORAL REEF Islands
Tract: TOWNHOMES ON CORAL REEF Islands
Status: Active


You'll love this stunning waterfront home now available!! Enter home to see a dramatic entry with spiral-type staircase, a lovely den/office, and an open living room that overlooks the kitchen. Spotless kitchen has stainless steel appliances, center island w/breakfast bar, plenty of cabinets, and pantry. Upstairs, you'll find an adorable loft with a window bench! The master retreat includes sliding doors that open to a private balcony, large walk-in closet, a window bench, and a full bath w/dual sinks & separate tub/shower. Both of the additional bedrooms include private access to the balcony! Out back, spend relaxing evenings while gazing at the amazing lake which includes a private dock for your personal boat. This gem won't last on the market! Make an offer now!

Listed with Keller Williams Realty Phoenix


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


$420,000 :: 1124 W EDGEWATER Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

2 beds, 2.5 baths
Home size: 1,358 sq ft
Lot Size: 2,178 sq ft
Added: 05/13/21, Last Updated: 05/13/21
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6234997
Community: COVE AT THE ISLANDS LOT 1-173 TR A-Z AA-DD
Tract: COVE AT THE ISLANDS LOT 1-173 TR A-Z AA-DD
Status: Active


Absolutely gorgeous Waterfront Townhome in Gilbert's The Islands Lake Community. Completely updated in recent years: new kitchen cabinets w SS appliances & quartz countertops, updated baths (master has walk-in tile & glass), carpet & tile, lighting, fans, int. paint, water heater & HVAC in 2017. You'll absolutely love living on the lake (boating, fishing, sunsets!). Perfect full-time residence or ''lock & leave'' vacation retreat. HOA maintains community pool, front landscaping, roof & ext paint. The Islands offers 3 lakes, walking/biking paths, large community park & social events (Concerts in The Park, Easter Egg Hunt, Holiday Boat Parades, Fall Car Show & more!) You'll truly love this home & community... just minutes away from downtown Gilbert and Chandler restaurant district!!

Listed with Keller Williams Realty East Valley


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


$725,000 :: 1302 W Windrift Way, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,023 sq ft
Lot Size: 12,197 sq ft
Added: 04/22/21, Last Updated: 05/12/21
Property Type: Single Family
MLS Number: 6223848
Community: SANDCASTLE VILLAGE
Tract: SANDCASTLE VILLAGE
The price of this listing was last increased on 5/10/2021 by 4%
Status: Active


WELCOME TO YOUR PRIVATE ''OASIS'' IN THE ARIZONA DESERT! ** BRAND NEW TILE ROOF TO BE INSTALLED, JUNE 1ST! 10 YR WARRANTY! BRAND NEW A/C UNIT TO BE INSTALLED 5/20! INVESTOR VERY RARE OPPORTUNITY! ENJOY THE STUNNING VIEWS FROM THIS CORNER LOT WATERFRONT HOME! THE LAKE IS A PRIVATE LAKE THAT ALLOWS ELECTRIC PONTOON BOATS FOR YOUR EVENING COCKTAIL CRUISE!! THIS GORGEOUS HOME BOASTS A LARGE DIVNG POOL, HOT TUB AND PRIVATE DOCK THAT YOU CAN FISH FROM! RECENTLY REMODELED! PRIVATE LAKE DIRECT ACCESS! THREE BEDROOMS UPSTAIRS WITH AN ADDITIONAL LOFT! NORTH/SOUTH EXPOSURE!LIVE THE GOOD LIFE HERE IN THE ''ISLANDS!'' OWNER/AGENT

Listed with Apartments Now


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


$669,000 :: 395 W Sagebrush Street, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 2.5 baths
Home size: 2,993 sq ft
Lot Size: 9,148 sq ft
Added: 05/08/21, Last Updated: 05/08/21
Property Type: Single Family
MLS Number: 6233471
Community: LAGO ESTANCIA
Tract: LAGO ESTANCIA
Status: Active


Beautiful home on a premium lake front lot in the amazing community of Lago Estancia. Open floor plan with four bedrooms, loft and 2.5 baths. Amazing kitchen with upgraded cabinetry, plentiful pantry space. Flooring and bath finishes in tile, travertine, marble and slate. Upper level has solid French maritime pine flooring. 60k in upgrades since 2019 include new roof, high efficiency windows, AC system, exterior paint and pool. Serene backyard features two large covered patios, remodeled private pool, incredible lake views. One of very few homes with direct private lake access and no walking path traffic. Minutes from old town Gilbert on the water canal. Community has picnic area, walking and bike paths, children's park with playground. Don't miss this very special home.

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/!


$1,700,000 :: 188 N SHORE Lane, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 4 baths
Home size: 5,150 sq ft
Lot Size: 20,038 sq ft
Added: 05/07/21, Last Updated: 05/07/21
Property Type: Single Family
MLS Number: 6233011
Community: CRYSTAL POINT ESTATES
Tract: CRYSTAL POINT ESTATES
Status: Active


Amazing Custom home in your own gated Championship Private Water Ski lake with private dock. Heated Spa & Pool, commercial mist system, pool air conditioning & mist system. Fire pit system, back yard lake lined Tiki torches propane underground system, 40 ft slide gates at pool for lake view pool, 3 bedrooms + office on main level & 3.5 bathrooms. All bedrooms have private bathrooms, gas fireplaces and outside fire features, fire pits propane driven, game room upstairs with full bar, half bathroom, card room & deck overlooking the water and pool below. Gourmet kitchen with Dacor gas range, beautiful slab granite counters and monster walk in pantry. Full home security system & full property sound system, Property will convey AS IS - 50 Amp service at South side of home for RV hookup.

Listed with Prime House 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/!


$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 *