Insurance Coverage for Your Tucson Real Estate
When determining the amount of insurance you will need to cover your Tucson luxury home, think about the replacement cost. Many think only about the Tucson real estate market value, which is the selling price of your luxury home. This value goes up or down based on the Tucson economy, the supply and demand for luxury homes in Tucson, local employment levels, and other factors. Replacement cost is the amount it would take to rebuild your luxury home at today's prices in Tucson.
If your Tucson luxury home suffered devastating damage, make sure you have enough insurance to pay the cost to rebuild. Make sure your luxury home and personal property are adequately covered. It is important to have your Tucson insurance agent help you estimate how much coverage you'd need to actually replace your luxury home and cover your personal property.
The amount of your mortgage balance is totally irrelevant to the amount of homeowner guaranteed replacement cost insurance you should carry. In many states, insuring for more than replacement cost is illegal because over insurance encourages arson. Be sure your guaranteed replacement cost policy includes a Tucson building code endorsement. That means rebuilt luxury homes will be constructed to today's building codes in Tucson, not the codes in place when your luxury home was originally built.
Start with a guaranteed replacement cost insurance policy. Raise your deductible to $500 or $1,000 for each loss. Compare policy costs with several Tucson insurance agents. Consider whether you need depreciated or full replacement cost personal property insurance.
Take an inventory of all personal property. Imagine coming home some night and finding your luxury home burglarized or destroyed. Would you remember all of your personal property items and their value? Keep accurate and updated records of your belongings in your luxury home. Make a list of items in each room as you move in. Write down serial numbers if they have them. Take photos or video's of items in each room. Put the owner's manuals of items you purchase along with their receipts together. Keep in a safe storage spot.
Remember these tips to help prevent theft from occurring to your luxury home. Put up a Beware of Dog sign in your yard or window. Give your luxury home a lived-in look. Keep your garage doors closed and locked. Leave your radio on while away. It signals that someone is home. Trim shrubs around your doors and windows so that anyone can be seen more easily. Set inexpensive timers to turn on lights in different rooms of your luxury home at different times. Leave your shades and drapes open. If they are closed, it's a sign you're not home. Place lamps close to your windows to obscure a view inside. Install outside lighting that is activated by motion. Join or start a Tucson neighborhood watch program.
Sherie says: Remember, I'm here to guide you through the entire real estate process!
