| Tucson and Surrounding Areas Market Update and Understanding Home Insurance: Are You Fully Covered?
|  | Dear Friends, I hope you had a fantastic Valentine’s Day surrounded by love and joy. Even though my family was spread across the world, I’m grateful for the technology that made it feel like we were all together under one roof.
As we move through February, I’m excited to share the latest updates and insights in the real estate market with you and a deeper understanding of home insurance. Whether you’re thinking about buying, selling, or just staying informed, I’m always here to help!
Wishing you a wonderful month ahead.
Tucson, Oro Valley and Marana Market Activity
January Sales - 998 down 2.3% from the previous year
Median Sale Price - $360,000 up 2.9% from the previous year
Average Sale Price - $443,770 up 8% from the previous year
Price Per Square Foot - $229 up 3% from the previous year
January New Listings - 2531 up 27.9% from the previous year
Average Days on Market - 60 days up 8 from the previous year
Active Listings - 5090
The above market statistics were provided by the Tucson Association of Realtors. Even though inventory has increased and interest rates remain high, sales prices have continued to go up and are still in a "Buyer Demand Market".
What Does Home Insurance Typically Cover?
Most standard home insurance policies cover the following:
- Dwelling Coverage: Protects the structure of your home, including walls, roof, and built-in systems, from damage caused by covered events like fires, storms, or vandalism.
- Personal Property: Covers personal belongings, such as furniture, electronics, and clothing, up to a certain limit.
- Liability Protection: Provides coverage if someone is injured on your property or if you accidentally damage someone else’s property.
- Additional Living Expenses (ALE): Pays for temporary housing and living expenses if your home becomes uninhabitable due to a covered event.
Common Gaps in Coverage
While home insurance covers a wide range of risks, there are some situations that might not be included:
- Floods and Earthquakes: These are typically excluded and require separate policies.
- Wildfires in High-Risk Areas: Standard policies usually cover fire damage, but if you live in a wildfire-prone area, you may need supplemental coverage.
- High-Value Items: Jewelry, art, or collectibles may exceed personal property limits.
- Maintenance-Related Damage: Issues like mold, pest infestations, or gradual wear and tear are typically not covered.
How to Assess Your Coverage Needs
- Know Your Home’s Value: Ensure your dwelling coverage reflects the cost to rebuild your home at current material and labor prices, not just its market value.
- Evaluate Your Belongings: Take an inventory of your possessions to ensure your personal property limit is adequate. Many insurers offer apps or tools to simplify this process.
- Consider Local Risks: If you live in an area prone to wildfires, flooding, or earthquakes, explore specialized coverage options.
- Consider Liability Risks: If you have a pool, trampoline, or frequent visitors, you may need higher liability limits or umbrella insurance.
Tips for Filling Coverage Gaps
- Supplement for High-Risk Events: Purchase separate flood or earthquake insurance if needed. In wildfire-prone areas, ensure you have enough fire insurance and explore extended replacement cost coverage for rebuilding.
- Review Deductibles: Check if your policy has a separate deductible for fire, wind, or other high-risk events. Adjust if necessary.
- Upgrade to Replacement Cost Coverage: Opt for policies that pay for the full cost to rebuild or replace damaged items, rather than factoring in depreciation.
- Consider Personal Property Riders: Add riders for expensive items like jewelry, electronics, or equipment.
- Add Home Business Coverage: If you run a business from home, standard policies may not cover related equipment or liability. Look into additional coverage options.
How to Save on Home Insurance
- Bundle Policies: Combine home and auto insurance with the same provider for a discount.
- Increase Your Deductible: A higher deductible can lower premiums, but ensure it’s an amount you can comfortably pay out-of-pocket.
- Improve Home Safety: Adding fire alarms, security systems, or storm shutters can qualify for reduced rates.
- Shop Around: Compare quotes from multiple providers to find the best rate for the coverage you need.
Home insurance is not a one-size-fits-all solution, and your needs may change over time. Regularly review your policy to ensure it provides adequate protection for your home, belongings, and lifestyle.
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| | Start your home search now! Scan the QR code or click the link below to begin searching for your next home or find out what is going on in your neighborhood. | | 
I'm here to assist you throughout the entire process. Feel free to reach out with any questions about buying, selling, potential properties, service providers, community information, or the current market.
Know someone thinking of buying or selling? I'd greatly appreciate it if you could share my name with them. My business relies on you, so thank you for your continued support and referrals. Diane
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