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

$579,000 :: 1426 W EMERALD KEY Court, Gilbert AZ, 85233

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 2,522 sq ft
Lot Size: 11,326 sq ft
Added: 12/13/19, Last Updated: 01/22/20
Property Type: Single Family
MLS Number: 6014274
Community: SHORES AT THE ISLANDS
Tract: SHORES AT THE ISLANDS
The price of this listing was last reduced on 1/6/2020 by 3%
Status: Active


AMAZING WATERFRONT HOME! Desirable one-of-a-Kind, dazzling interior & views. Comfortable & stimulating: Lake View, Patio, Pool, Grass & Private Dock. SINGLE-STORY with soaring ceilings joining a Formal Living Room & Formal Dining, Great Room with Wall-to-Wall glass, marble & carpeted flooring. One can be in all-glass Great Room, Breakfast Bay, Kitchen, TWO MASTER BEDROOMS & appreciate views to Pool, Patio, Lawn & Lake. An architectural epitome of thoughtful design, details & finishes. 1st large Master Bedroom Suite has bay windows overlooking Pool & Lake, a large Sitting Room, Master Bath, Shower, Spa & Marble floors. 2nd Master Bedroom also has private Bath, separate entry & bay window view to Lake. All may astonish! Relax on an expansive, very private, north exposure.

Listed with Amazing AZ Homes


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


$839,899 :: 532 N ACACIA Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,063 sq ft
Lot Size: 11,326 sq ft
Added: 09/16/19, Last Updated: 01/22/20
Property Type: Single Family
MLS Number: 5979288
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
The price of this listing was last reduced on 1/22/2020 by 0%
Status: Active


Incredible remodeled Waterfront Home w/covered patio, refreshing pool, spa, synthetic grass, private balcony/deck, and amazing views of the lake. Enjoy water skiing, jet skiing, and swimming! Dramatic soaring ceilings, sweeping stairway to second level, travertine floor, soothing interior palette, upgraded recessed lighting/ceiling fans, and Architectural details throughout. Decorative columns, arched windows, wet bar with tile, French Doors to patio, hardwood floor, and stacked stone fireplace. Gorgeous gourmet kitchen features x-large center island, granite counters, travertine backsplash, SS appliances, and plethora of upgraded wood cabinetry. Fantastic loft area with endless possibilities. New paver driveway, iron gates, and cement RV parking.

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/!


$784,000 :: 1358 W SANDPIPER Drive, Gilbert AZ, 85233

Property Photo

Mls Icon

4 beds, 5 baths
Home size: 4,400 sq ft
Lot Size: 9,148 sq ft
Added: 10/19/19, Last Updated: 01/11/20
Property Type: Single Family
MLS Number: 5994178
Community: TRES VISTAS LOT 1-26 PARCEL A-B
Tract: TRES VISTAS LOT 1-26 PARCEL A-B
The price of this listing was last reduced on 1/11/2020 by 2%
Status: Active


Luxury lake living with room and privacy for everyone, and, oh, the views! This one of a kind lakefront home is perfect for multi-generational or large families. Each of the four huge bedrooms has its own beautifully updated en-suite full bathroom. The dramatically over-sized master is secluded from the rest of the house by being upstairs. It boasts a separate sitting area, workout area, cedar closet, walk-in closet and amazing views of the lake. A walk-in double shower, beautiful soaking tub, and lovely vanity make the master bath a luxurious retreat. The kitchen and living room offer dramatic views of the lake, including amazing sunsets and the best view of the famous Island's fountain on the lake.

Listed with Congress 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/!


$625,000 :: 2119 E CLIPPER Lane, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 3 baths
Home size: 2,810 sq ft
Lot Size: 10,019 sq ft
Added: 11/29/19, Last Updated: 01/10/20
Property Type: Single Family
MLS Number: 6006703
Community: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
Tract: REGATTA AT VAL VISTA LAKES AMD LOT 1-108
The price of this listing was last reduced on 1/10/2020 by 2%
Status: Active


REDUCED Own a single-level water front home in Val Vista Lakes gated Regatta subdivision. You will fall in love with this community and the lakes lifestyle! Private street at the end of a quiet cul-de-sac with additional parking in the center court. Single level living with open floorplan for easy entertaining! Large master bedroom with outdoor access to the hot tub on the private patio. Two bedrooms with a shared Jack-n-Jill bathroom. Large space for home office. Third bay of garage has been converted for living space. Possible 5th bedroom or can easily be converted back to garage. (Ask about details) North south facing with large patio stubbed for gas outdoor kitchen. Outdoor fireplace adjacent to hot tub for romantic evenings under the stars! Newer carpeting and paint.

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/!


$689,500 :: 1726 E QUEEN PALM Drive, Gilbert AZ, 85234

Property Photo

Mls Icon

4 beds, 3.5 baths
Home size: 3,134 sq ft
Lot Size: 11,326 sq ft
Added: 11/22/19, Last Updated: 01/03/20
Property Type: Single Family
MLS Number: 6008019
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
The price of this listing was last reduced on 1/3/2020 by 1%
Status: Active


Great new price on this amazing waterfront lakehome! Gorgeous views of the big lake plus you can boat to the clubhouse! Pebble-tec pool and spa with updated decking, huge north-facing patio overlooking grassy backyard & lake! Newly updated flooring and interior & exterior paint. Gourmet kitchen with updated cabinets, huge island, stainless steel appliances double ovens and microwave. Family room fireplace, formal living & dining room, 4th bdrm/office off family room with views of the lake, next to 3rd full bath (Seller will add closet upon request) Huge laundry room & pantry! Upstairs is oversized master suite w/separate custom shower & garden tub. 2 more bedrooms up w/Jack & Jill bath between. Extended length garage w/cabinets! One of the lowest priced waterfront homes for sale at this t

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/!


$1,800,000 :: 193 N Ski Court, Gilbert AZ, 85233

Property Photo

Mls Icon

5 beds, 7 baths
Home size: 6,700 sq ft
Lot Size: 20,038 sq ft
Added: 10/14/19, Last Updated: 01/03/20
Property Type: Single Family
MLS Number: 5991650
Community: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Tract: CRYSTAL POINT ESTATES AMD LOT 1-20 TR A-H
Status: Active


Beautiful Custom home on a private water ski lake. Water ski, tube, wakeboard, all out your back door. This home is the builders personal home. Custom in every way. Master Suite, plus office & guest bedroom all on the first floor. All bedrooms have their own full bathroom. Open great room with 21ft ceiling open wall of windows to the beautiful lake view. Granite counter tops, Top of the line stainless steel appliances, double ovens, warming draw, 6 burner Thermador Cook top, custom oak cabinets through out the home. Large center island with vegetable sink & eating area. Large covered patio with built in misters, built in BBQ & sink. Private boat dock with sink & small refrigerator. Large ski house to store tubes, wake boards, skis Large 5 car garage with built in cabinets, epoxy floor

Listed with The Hogan Group 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/!


$895,000 :: 1709 E COCO PALM Court, Gilbert AZ, 85234

Property Photo

Mls Icon

5 beds, 4 baths
Home size: 4,945 sq ft
Lot Size: 13,068 sq ft
Added: 12/18/19, Last Updated: 12/18/19
Property Type: Single Family
MLS Number: 6015487
Community: LAKESIDE AT VAL VISTA LAKES
Tract: LAKESIDE AT VAL VISTA LAKES
Status: Active


Amazing Custom Waterfront Home in Val Vista Lakes. The builder, built this home for himself and no details were missed. The gourmet kitchen has a gas stove, double ovens, island with a prep sink and a 2019 Chef's Stainless Steel refrigerator. There is an abundance of cabinets and work space. The home is light, bright and airy with large picture windows capturing the breath taking views of the backyard and lake. The backyard in an oasis with a negative edge pool, spa, built in BBQ and gas fire pit. The home is perfectly positioned to look down the length of the lake and the curved wall offers privacy, while enjoying the outside. Inside the home there is a large family room with a wet bar and fridge, dining room, living room, bedroom and bathroom with shower. Master Retreat

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/!


$364,900 :: 3709 E Meadowview Drive, Gilbert AZ, 85298

Property Photo

Mls Icon

3 beds, 2 baths
Home size: 1,623 sq ft
Lot Size: 6,534 sq ft
Added: 12/17/19, Last Updated: 12/17/19
Property Type: Single Family
MLS Number: 6015394
Community: Seville Parcel 9
Tract: Seville Parcel 9
Status: Active


GOLF COURSE LOT with a beautiful mountain view of the 16th fairway. This home is located in the highly desired Seville Golf and Country Club neighborhood and it welcomes you into an open concept great room floor plan with 3 bedrooms (or 2 bedrooms and a den). It is perfect for entertaining, the spacious kitchen features a large breakfast bar at the counter. The backyard has an extended covered patio with spectacular views of the golf course. The master bathroom features double sinks, separate bath tub and shower, private toilet room, and a walk-in closet. The extended two car garage includes epoxied floors, a mop sink, plenty of custom cabinets for storage and a new garage door. This highly cared for home had the HVAC replaced in 2017, New windows throughout the home installed in 2011,

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/!


$2,275,000 :: 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: 11/14/19, Last Updated: 11/14/19
Property Type: Single Family
MLS Number: 6005014
Community: WEST LAKE ESTATES LOT 1-40 TRACT A-C
Tract: WEST LAKE ESTATES LOT 1-40 TRACT A-C
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/!


 

Leave a Reply

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