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5 Beds3.5 Baths5,737 SqFt4820 E Perkinsville Road, Seligman, AZ 86337
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Active$ 33,900,000
6 Beds10 Baths12,500 SqFt6418 E Joshua Tree Terrace #2, Paradise Valley, AZ 85253
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1 Bed2.5 Baths4,641 SqFt5500 N DROMEDARY Road, Phoenix, AZ 85018
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Active$ 29,900,000
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6 Strategies to Save on Home Insurance Premiums In Arizona
The past few years have seen an unprecedented surge in devastating climate and weather events in the United States, from wildfires to floods. In 2023 alone, 28 individual weather-related disasters caused at least $1 billion in damages each. These events have led to a significant rise in home insurance claims; experts predict this trend will continue. The unpredictability of future events underscores the need for preparedness. Consequently, home insurance rates have surged: In 2024, Bankrate reports, premiums are already up an average of 23%, following double-digit increases the previous year. In disaster-prone regions, the situation is even more challenging. Some insurers have pulled out of risky areas entirely, and many of those that still offer policies in high-risk areas have doubled or even tripled their premiums. For most homeowners, comprehensive home insurance coverage is crucial for financial security, but massive rate increases can turn a once-affordable home into a financial burden and pose a serious challenge for sellers. A home insurance policy is typically required to get a mortgage, and in some hard-hit regions, we're seeing sales fall through or homes sit on the market because insurance policies are unattainable or too expensive. But don't panic! While these broader trends may be out of your control, there's still plenty you can do to save. Here are our top six strategies for slashing insurance premiums while maintaining the protection you need. 1. SHOP AROUND Getting multiple quotes is a smart move for many major purchases, including home insurance. We recommend reviewing at least three estimates before you commit to a policy. You can get quotes by contacting insurers directly or working with an independent insurance broker like NerdWallet. You'll need to provide detailed information about the property you're insuring and your claims history. Make sure you read policies carefully before you choose. Sometimes, a policy can look like a better deal at first glance but turn out to have essential coverage gaps. Be sure to consider how much the policy will pay out to repair or replace your home and review caps on personal possessions and liability claims. It is also wise to read policyholder reviews (Trustpilot is an excellent place to start) and ratings published by organizations like the Better Business Bureau and J.D. Power. If you need help choosing the right policy, please contact us for a list of trusted insurance professionals. 2. INCREASE YOUR DEDUCTIBLE The size of your deductible- the amount you pay before your insurance coverage kicks in on a claim- is a significant factor in your insurance cost. A low deductible, such as $500, comes with higher premiums, while a higher deductible, like $2,500 or even $5,000, costs less monthly. In some cases, you may be able to customize your coverage further by defining a different deductible for certain kinds of claims, such as those caused by storms or natural disasters. If you are confident that you have enough savings to cover the initial outlay if needed, choosing a higher deductible can help you save significantly over the long term. According to NerdWallet, raising your deductible from $1,000 to $2,500, for example, could save you an average of 11% each year. 3. BUNDLE MULTIPLE TYPES OF INSURANCE Insurers want to get as much of your business as possible, so most offer significant discounts if you bundle your home and auto insurance, meaning that you bundle two policies together. With some insurers, you can get even higher savings by bundling more than home and auto—RV, boat, jewelry, and life insurance are potential options to consider. According to US News and World Report, insurers typically offer customers who bundle home and auto insurance 10-25% savings on monthly premiums. This approach also has other advantages: It cuts down on your paperwork, and in some cases, like if a storm damages both your home and car-you may be able to pay just one deductible instead of two when you file a claim. However, before you sign on the dotted line, remember strategy #1 and be sure to shop around. In some cases, bundled coverage offers everything you need. 4. ASK ABOUT AVAILABLE DISCOUNTS Did you know that being a nonsmoker might qualify you for a home insurance discount? Some insurers offer surprising incentives for policyholders with a statistically lower risk of filing a claim. In the case of nonsmokers, that is because of decreased home fire risk. Many carriers also offer discounts to military-affiliated families, homeowners in certain professions, such as teachers or engineers, or recent homebuyers. Sometimes, according to MarketWatch, you can save by opting for paperless billing or paying your premiums for an entire year upfront. Since available discounts vary significantly between insurers, the best strategy is to ask a representative for the complete list of available discounts so you can see what cost savings might be available to you. 5. AVOID MAKING SMALL CLAIMS Are you worried that your premiums will rise significantly in the future? Try to avoid claiming unless truly necessary. Many insurers offer discounted rates to policyholders who go a certain number of years without filing a claim, and filing multiple claims typically results in significant increases. If you file too many, you may even risk nonrenewal of your policy. Since the cost of even a tiny premium increase can add up significantly over time, if you have minor damage to your home -- for example, if a few shingles blew off your roof in a windstorm -- it may be a wiser long-term financial decision to pay out of pocket insted of filing a claim according to BankRate. If the repair cost is less than your deductible, it never makes sense to file, and if it is just slightly above your deductible. It is also unusually best to pay for the repairs yourself. Additionally, always be sure to review your policy before you make a claim. Even claims that are denied can count against you. So, it is not worth filing if the damage is clearly excluded from coverage. If you find yourself in this situation, feel free to reach out for a list of reasonably-priced professionals who can help with the home repairs. 6. BE STRATEGIC ABOUT HOME IMPROVEMENTS Insurance premiums alone may not be the deciding factor for a home improvement project, but knowing how renovations could impact your rates is essential - for better or worse. For example, according to BankRate, some upgrades and repairs can reduce your premiums by making your home safer or less prone to certain types of damage. These include: Upgrading your electrical system Updating your plumbing Installing a monitored security system Adding a fire sprinkler system Replacing the roof On the other hand, some upgrades can raise premiums significantly, either because they increase the value of your home (and therefore the cost to replace it) or because they pose a hazard. These include: Installing a swimming pool or other water features Building an extension or expanding your living space Upgrading materials, like flooring or countertops Adding a fireplace or woodstove Whether or not your planned renovations are on either of these lists, it is wise to inform your insurer about the changes you make to your home—otherwise, you may risk gaps in coverage. You are always welcome to check with us before you begin any home improvement project to determine how it could impact your home's value and resale potential. BOTTOMLINE: Protect Your Investment Without Sacrificing Enjoyment Of Your Home. Getting the coverage you need for financial security without overpaying can be tricky, especially in today's environment. Remember that while finding the best deal you can is essential, home insurance is not an area to skimp on. For advice on your specific risks and the type of coverage you need, we recommend consulting with a knowledgeable insurance professional. We are happy to connect you with a trusted adviser in our network. If you are considering a home renovation, feel free to reach out for a free consultation on how it might affect your property value (and your premiums). The above is an opinion and is for informational purposes only. It is not intended to be financial, legal, insurance, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
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What is difference between a handyperson and a contractor in Arizona?
According to Arizona handyman laws, a handyperson without a license can work on minor repairs, carpentry, or basic home improvements without a building permit. This can include replacing light fixtures, putting up drywall, fixing windows, assembling furniture, and installing doors. In Arizona, a handyman cannot work on projects that cost more than $1,000, require building permits, involve major renovations, or involve structural work on a residential property. So, if you need help with something under $1,000, you can use a handyperson; if you need help with something over $1,000, you must hire a licensed contractor. Per Arizona laws, a handyman cannot break up the job into smaller jobs to stay under $1,000. If you need a handy person or a licensed contractor, please contact me for a referral. Would you like the value of your home instantly? Click Here Thank you for reading this blog, and have a lucky duck day :-) Michelle Would you like to view properties for sale? Click Here
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7 Mistakes To Avoid When Hiring A Contractor In Arizona
A recent survey found that over half (52%) of American homeowners plan a renovation project this year. If you're among them, you know that embarking on home improvements can be exciting and daunting. According to the survey, the median renovation budget is around $15,000, so you're probably investing a significant amount -- and you'll want to ensure your project's success. One of the most critical decisions you'll make is choosing the right contractor to bring your vision to life. However, many homeowners need to avoid common pitfalls during this process, which can lead to stress, financial strain, and subpar results. In this guide, we'll explore seven mistakes to avoid when hiring a contractor to ensure your project runs smoothly from start to finish. 1. SKIPPING THE RESEARCH PHASE A common mistake homeowners make is rushing into hiring a contractor without proper research. But to ensure the success of your renovations, it's crucial to meet with multiple candidates and educate yourself on best practices surrounding your project. If you bypass the interview process, you miss the opportunity to evaluate different approaches, pricing, and expertise. This can result in overpaying or hiring someone whose skills and vision do not align with your needs. Neglecting to research the processes and steps involved can also leave you vulnerable. It makes it more challenging to ask the right questions, and you risk hiring unqualified professionals or settling for subpar work. What To Do Instead Educate Yourself -- Read up on or watch YouTube videos to understand better best practices surrounding your project. Interview Multiple Contractors -- Search for and interview at least three contractors who specialize in your needed work. Ask Specific Questions -- Inquire about the processes and materials each candidate will utilize. Seek Recommendations -- Get referrals from trusted sources like friends, neighbors, and your real estate professional (hint: ME!). I would be happy to share a list of referrals! Check Out The Contractor—with the State of Arizona: Go to the Arizona Registrar of Contractors website (link below) to find out the status of the contractor's license and whether any complaints have been filed. 2. CHOOSING BASED SOLELY ON PRICE Once you've interviewed candidates and reviewed their proposals, it's time to choose your favorite. But don't make the mistake of rushing to the lowest bid. While it's natural to want to save money, selecting a contractor based entirely on price can be costly. Extremely low bids can indicate cut corners, subpar materials, or hidden costs that will surface later. Another favorite is when they have too many jobs and take months to finish. According to the National Association of the Remodeling Industry, when evaluating bids, make sure you're comparing "apples" to "apples" and consider factors like quality, timeline, and scope. Are they fully licensed and insured? How long have they been in business? Do they warranty their work? What To Do Instead Consider Overall Value -- In addition to price, look at experience, reputation, and quality of work. Ask For Detailed Breakdowns -- Bids significantly lower than others may be too good to be true. Invest In Quality -- Remember that quality work comes at a fair price, and investing in a reputable contractor can save you money in the long run by avoiding costly mistakes or repairs. 3. NEGLECTING TO CONFIRM CREDENTIALS AND INSURANCE When you've established a good rapport with a contractor, it's natural to want to believe the best in them. However, neglecting to check references and verify licensing and insurance could come back to haunt you. Hiring an untrained or unlicensed contractor puts you at risk for safety and code violations, not to mention shoddy workmanship. Without proper insurance, you could be left footing the bill for costly repairs, legal issues, or even medical bills if someone gets hurt on the job. Skipping out on a reference check can be equally problematic. It's your best opportunity to ensure that their promises and your expectations line up with reality. What To Do Instead Verify Licensing And Insurance -- Confirm that the contractor is licensed according to the State of Arizona and verify insurance, including general liability and workers' compensation coverage. The State of Arizona does not require handymen to be licensed. Check Reviews -- Read online reviews and confirm that the business is in good standing with the Better Business Bureau and other relevant trade groups. Call References -- When contacting references, ask questions and request to see photos of the contractor's completed projects. Visit Job Sites -- If possible, visit a current job site to observe the contractor's work in progress and interaction with the clients. 4. PROCEEDING WITHOUT A WRITTEN AGREEMENT A handshake deal might seem friendly and straightforward, but it's a recipe for misunderstandings and potential legal issues. Verbal agreements are difficult to enforce and leave room for miscommunication about project scope, timelines, and costs. Instead, you should have a signed contract before any work begins. Paperwork can be tedious but don't skip the critical step of carefully reading over your contract, asking questions, and pushing back on any terms that make you uncomfortable. Don't forget to ask for payment receipts and documents for any change orders or issues that arise throughout the project. What To Do Instead Insist On A Written Contract -- Outline all aspects, including scope, materials, timeline, payment schedule, warranty information, and a process for handling change orders. Understand And Agree -- Don't sign anything until you fully understand and agree to all terms. Keep Documentation -- Once you've made your final payment, request a lien waiver or receipt marked "Paid In Full" to keep on file for legal and tax purposes. 5. PAYING TOO MUCH UPFRONT Another common misstep is paying a large sum upfront or the entire project cost before completion. This can leave you vulnerable if the contractor fails to complete the work or disappears with your money. According to the home services platform Angi, deposits typically range between 10% to 33% of the total project cost. The remaining payments should be tied to progress milestones outlined in your contract. Construction attorneys caution against paying a greater share of the project cost than the percentage of the work that's been completed. If you end up dissatisfied with the outcome, you'll have much less leverage if you've already paid. What To Do Instead Be Cautious -- Avoid contractors who demand large upfront payments or cash-only deals. Establish A Payment Schedule -- Tie payments to project milestones and stick to them. Pay Only Upon Completion -- Never pay in full until the project is completed to your satisfaction and all required inspections have been passed. 6. FAILING TO GET NECESSARY PERMITS Shipping the permit process might seem like a way to save time and money, but it can lead to serious consequences. Without the proper permits, you risk violating local building codes and regulations, which could result in fines, forced removal of work, or even legal action. Additionally, unpermitted work might compromise your home's safety and structural integrity, potentially leading to hazardous conditions or diminished real potential. Homeowners may also find themselves without recourse if issues arise later, as insurance companies often exclude coverage for unpermitted renovations. If your community has a homeowners association (HOA), remember to also check its requirements. You may need prior approval to make modifications to your home or yard. HOAs have the power to enforce these restrictions with fines and even a lien on your home, so don't skip this important step. What To Do Instead Discuss Permits -- Talk about permits and HOA requirements with your contractor before work begins. Include Permits In The Contract -- Ensure that obtaining necessary permits and approvals is part of your contract. Verify Inspections -- Ensure all required inspections are completed during the project. Keep Records -- Keep copies of all permits and HOA approvals and inspect reports for your records. 7. IGNORING RED FLAGS AFTER THE PROJECT HAS STARTED Sometimes a contractor can check all the right boxes -- until the work begins. Unfortunately, red flags spotted mid-project can be incredibly challenging to address. If you've already paid a substantial amount or had a portion of your home demolished, you may feel trapped in a bad situation. However, if there are major problems that the contractor is unwilling to address, ignoring them can make things exponentially worse. Don't be afraid to seek legal or professional advice if issues persist. Taking immediate, informed, and decisive action is crucial to safeguarding your investment and ensuring the project's ultimate success. What To Do Instead Review Your Contract -- Make sure you thoroughly understand your rights and the agreed-upon terms. Document Issues -- Keep detailed records, including dates, descriptions of problems, photographs of subpar work or materials, and any communications with the contractor. Communicate Professionally -- Arrange a meeting to discuss your concerns, ensuring you remain calm and professional while clearly expressing your expectations. Request A Resolution Plan -- Ask for a plan to address the issues, set a timeline for resolution, and put everything in writing to ensure you're both on the same page. Seek Advice -- If the contractor is uncooperative or dismissive, consider seeking advice from a legal professional. You could also contact your local licensing board or consumer protection agency for guidance. The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs. Sources: Arizona Registrar Of Contractors -https://roc.az.gov USA Today - https://www.usatoday.com/money/homefront/moving/home-renovation-statistics/ National Association Of The Remodeling Industry https://remodelingdoneright.nari.org/Homeowner-Resources/Questions-to-ask/How-to-select-a-remodeler The Washing Post - https://www.washingtonpost.com/home/2024/07/08/how-to-find-good-honest-contractor/ MarketWatch - https://www.marketwatch.com/guides/insurance-services/home-insurance-during-renovations/ LegalZoom - https://www.legalzoom.com/articles/oral-contracts-do-they-carry-any-weight Better Business Bureau - https://www.bbb.org/all/home-improvement/your-home-improvement-contract Angi - ttps://www.angi.com/articles/how-much-should-i-pay-general-contractor-prior-starting-job.htm Bob Vila - https://www.bobvila.com/articles/remodel-without-permit/ Bankrate - https://www.bankrate.com/real-estate/hoa-homeowners-association-rules/ Angi - https://www.angi.com/articles/how-complain-contractors-effectively.htm Courtesy Of Michelle Quackenbush Lucky Duck Realty 602-999-2627 AZBrokerOnline@gmail.com
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