Yes, I know it's rust, but should I be concerned? In the third picture you can see the complete layout, to the right is where the water enters the house with the first valve (green) before the meter, then the red is the primary shutoff.
This is in a house we moved into, but do I need to worry about turning it if I need to? In the sideview, it looks like it's just the handle, perhaps it hasn't rusted inside the valve?
It doesn't appear anything has been dripping on it, just seems odd why there is so much rust. Can I replace the handle?