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.

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$900,000 :: 1517 E TREASURE COVE Drive, Gilbert AZ, 85234

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4 beds, 3.5 baths
Home size: 4,178 sq ft
Lot Size: 16,118 sq ft
Added: 08/09/20, Last Updated: 08/09/20
Property Type: Single Family
MLS Number: 6113458
Community: Val Vista Lakes. WEST LAKE ESTATES
Tract: Val Vista Lakes. WEST LAKE ESTATES
Status: Active


Rare Spanish Colonial custom on the water in West Lake Estates. This gorgeous home has been well maintained and perfectly customized in the classic colonial style. Gorgeous slate stone flooring with hand carved beam ceilings. Entertainers kitchen overlooking the lake and a beautiful covered patio with fireplace. Heated pool & spa have been situated to allow for a large boat dock, outdoor fire pit, dreamy shaded patio and outdoor kitchen and low-maintenance artificial turf.Granite countertop and gas stove as well as TWO pantries complete this kitchen. Formal dining room or private sitting room overlook the interior courtyard with fire pit and water fountain. Wonderful home theatre with half bath on the main level so bring the popcorn maker! Laundry on the main also fitted for additional r

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/!


$910,000 :: 1514 E TREASURE COVE Drive, Gilbert AZ, 85234

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5 beds, 3 baths
Home size: 3,914 sq ft
Lot Size: 13,504 sq ft
Added: 06/27/20, Last Updated: 08/05/20
Property Type: Single Family
MLS Number: 6096338
Community: WEST LAKE ESTATES
Tract: WEST LAKE ESTATES
Status: Active


Highly desirable custom home on the lake in West Lakes Estates in Val Vista Lakes.Large lot has gorgeous view across the water on a very wide portion of the lake. Newer kitchen appliances with gas cooktop in open concept entertainers kitchen. Main level has large family room w/fireplace for gatherings along with two bedrooms & bathroom on the main level, one currently set up as an office. Upstairs the master suite takes up the entire width of the home with a large balcony overlooking the lake where you can relax and stargaze or watch the sun rise over the mountains! Huge walk-in closet, large jetted tub & dual vanities complete the en-suite.Upstairs also has two expansive bedrooms, bathroom and a media room that could be a game room, additional bedroom (or 2) or man-cave? Backyard is

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/!


$465,000 :: 1421 W CLEAR SPRING Drive, Gilbert AZ, 85233

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3 beds, 2.5 baths
Home size: 2,156 sq ft
Lot Size: 6,099 sq ft
Added: 07/16/20, Last Updated: 07/16/20
Property Type: Single Family
MLS Number: 6104212
Community: CORAL POINT REPLAT LOT 76-101
Tract: CORAL POINT REPLAT LOT 76-101
Status: Active


GORGEOUS WATERFRONT HOME! This Stunning 3 bedroom + LOFT/DEN and 2.5 bath home is located in one of Gilbert's most sought after gated lake communities! Upon entering you will fall in love with the dramatic entry way, soaring vaulted ceilings, modern staircase, spacious living room and dining room-all with expansive views overlooking the lake. The beautiful kitchen is light and bright with white cabinets, modern breakfast bar and an eat-in nook-all with incredible views of the lake. This great room floor plan opens into a family room providing a wonderful space to entertain friends and family. In the tranquil backyard you will find an expansive covered, tile patio, lush landscaping, and your private boat dock. Step onto your boat and cruise The Islands lakes for incredible sunsets

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/!


$999,900 :: 1422 W COMMERCE Avenue, Gilbert AZ, 85233

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5 beds, 5 baths
Home size: 6,298 sq ft
Lot Size: 10,019 sq ft
Added: 02/01/20, Last Updated: 05/28/20
Property Type: Single Family
MLS Number: 6031674
Community: PLAYA DEL REY AMENDED
Tract: PLAYA DEL REY AMENDED
Status: Active


Live in 5,000 sq. ft. of the main home and put guests or a tenant in the 1,200 sq. ft. next gen suite which has a separate entrance. Wakesurf and wakeboard on your private lake from the dock in your own backyard. Owner will include the boat in the sale as a turn-key lakefront luxury experience.

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/!


$553,000 :: 1414 W CORAL REEF Drive, Gilbert AZ, 85233

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3 beds, 3 baths
Home size: 2,545 sq ft
Lot Size: 1,743 sq ft
Added: 03/13/20, Last Updated: 04/06/20
Property Type: Condo/Townhouse/Co-Op
MLS Number: 6050219
Community: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
Tract: TOWNHOMES ON CORAL REEF LOT 1-53 TRACT A-G
The price of this listing was last reduced on 4/6/2020 by 2%
Status: Active


Waterfront lot with custom inside built in 2007. Custom Alder cabinets in entire home with granite counters. Travertine flooring thru entire home except carpet in 3 bedrooms. Downstairs den with double doors can be changed to a bedroom if needed. Open floorpan with kitchen, dining, and family room all open to view of the lake. Sliding door to cement patio area. Master bedroom has a balcony also. Electric fireplace in family room. Surround sound inside and out. Huge master with his and her sinks , jetted tub. Master has sitting area with wet bar. Both other bedrooms have their own sink area and share toilet/shower. Dual HVAC system . Extra insulation for every efficient home. Washer and dryer are tenants. Fridge stays with offer. Home warranty in place with 2-10. Owner/Agent.

Listed with Sun Canyon 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/!


 

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