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

$629,900 :: 6720 S Crestview Drive, Gilbert AZ, 85298

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 2,740 sq ft
Lot Size: 10,019 sq ft
Added: 02/22/21, Last Updated: 02/28/21
Property Type: Single Family
MLS Number: 6190956
Community: Seville
Tract: Seville
The price of this listing was last reduced on 2/28/2021 by 2%
Status: Active


The most popular Shea home,(Pabello floor plan) located on the Exclusive Seville GOLF COURSE with amazing backyard views of the #5 fairway and the lake. This home features a spacious open layout including a great room, large kitchen with double island, open dinning, and huge Bonus room. New paint inside and out, new carpet in bedrooms, new Crown molding, wine chiller, new custom 10 ft RV gate with extended drive. 2 new Trane 17 SEER AC units + 30'' extra insulation in attic & custom sunscreens($200+ monthly savings . Oversized 10k sqft lot. Pool/spa plans done and permitted ready to go with Presidential at last years price if interested. This is a one of a kind property, don't miss this one.

Listed with Arizona Elite 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/!


$479,900 :: 1357 W CRYSTAL SPRINGS Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2.5 baths
Home size: 2,445 sq ft
Lot Size: 3,921 sq ft
Added: 02/25/21, Last Updated: 02/25/21
Property Type: Single Family
MLS Number: 6192824
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


Absolutely stunning custom home situated on the builder's showcase lot offering the best view of the falls! This gem is well appointed with vaulted ceilings, skylights, plantation shutters, tile and wood flooring throughout and two gas fireplaces. Kitchen boasts custom wood cabinets with multiple pull out cutting boards, island, wet bar, breakfast bar, and huge walk-in pantry! Master retreat offers private fireplace, balcony overlooking waterfall, snail shower jacuzzi tub and large master walk-in closet. Separate 8X8 bonus space upstairs can be used as additional storage or small office. Huge laundry room with mud sink, extended garage with mud sink and reroofed in 2012. Only community in The Islands that offers natural gas! This is a must see!

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/!


$1,999,500 :: 1506 E TREASURE COVE Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

6 beds, 6.5 baths
Home size: 5,706 sq ft
Lot Size: 17,860 sq ft
Added: 02/07/21, Last Updated: 02/07/21
Property Type: Single Family
MLS Number: 6191302
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


Welcome to ''Crown Jewel'' of Val Vista Lakes!! Here you will find an absolutely STUNNING & UNIQUE 'One-Of-A-Kind' luxury architectural MASTERPIECE. Located on a lake in the highly prestigeous West Lake Estates and on one of the largest lots in Val Vista Lakes. Incredible waterfront views. In a gated community. A $14 million clubhouse, directly across the street is also included! Recently remodeled to perfection--NO expenses spared here! This contemporary estate is fully automated---control the huge sliding doors, blinds, kitchen cabinets, pool, thermostat, lights and much more, all at the touch of a button on your phone! This 'Smart Home' is designed to fully integrate with your smart phone. This one is only for the very discriminating buyer who wants it ALL and wont settle...

Listed with Cooper Premier Properties 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 *