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Speaking of Insurance Rate in Florida..
Old 08-09-2009, 08:56 AM   #1
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Speaking of Insurance Rate in Florida..

Like Buckeye, am doing serious investigation into retirement in Florida - Bradenton area or Punta Gorda. Wanted the Florida residents to give me an idea of property and auto insurance rates, not quite ready to ask insurance companies for quotes.
Also how do property taxes work, I know about homesteaders ($50000) deduction but taxes for propeties listed on real estate websites seem all over the map for comparable priced properties in same area.

Thanks in advance...dreaming of retirement - getting closer
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Old 08-09-2009, 09:17 AM   #2
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Property taxes are a sore point in Florida . The reason the property taxes in listings are all over the place because of the length of time the people have owned the house . When you buy a house your property tax is valued at what you paid so you can live in a neighborhood of similar homes and everybody is paying different rates . As long as you do not do something to add to this value (a pool , an addition ) your taxes will stay the same with a small increase each year . As for car insurance my rates decreased when I moved here .
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Old 08-09-2009, 09:20 AM   #3
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Property taxes are a sore point in Florida . The reason the property taxes in listings are all over the place because of the length of time the people have owned the house .
Same as Prop 13 in California. When I bought my first place in 1989 -- a one bed, one bath, 700 square foot condo, I paid more in property taxes than my parents paid on a nearby 4/2 SFR worth nearly 3x as much.
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Old 08-09-2009, 09:31 AM   #4
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Same as Prop 13 in California. When I bought my first place in 1989 -- a one bed, one bath, 700 square foot condo, I paid more in property taxes than my parents paid on a nearby 4/2 SFR worth nearly 3x as much.
It's that way here, too, only in some ways worse. The first $75,000 of a home's value is completely exempt due to our homestead exemption. So, those who have been in their houses for 20-30 years usually don't have to pay any property taxes at all. Some just look blank when you mention property taxes because they don't even know anybody who pays.

After Katrina, most in my parish got a bit of a break in property taxes and I am still not paying as much as I did back in 2004. But those who bought houses after Katrina (some of whom lost their original home and bought another) are paying through the nose on property taxes. It's crazy.

Our state legislature tried to fix the property tax inequities by requiring a re-assessment every 4 years. I don't know if it is working or not, yet. My house was reassessed at the old assessment value last year, and my taxes went down because millages went down for some reason.
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Old 08-09-2009, 09:31 AM   #5
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Like Buckeye, am doing serious investigation into retirement in Florida - Bradenton area or Punta Gorda.

They one thing I would be careful about is Punta Gorda was hit with a hurricane a few years ago and some of the homes have mold issues .
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Old 08-09-2009, 10:08 AM   #6
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In brevard county, if you have a VA service connected disability rating, you are exempt from most of the real estate property tax. You still have to pay the emergency services portion. We applied earlier this year and expect our tax bill to go from about 4k, to about 80 dollars.

Auto insurance rates for some are cheaper in FL, My neighbor also has USAA and is from Rhode Island, he saved over half when he switched his insurance to FL.

In our area USAA homeowner rates are still much cheaper than others.

Jim
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Old 08-09-2009, 10:15 AM   #7
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In Largo, our cost for auto insurance for 2 cars, one of them with liability only, is about $700 for 6 months with $100k/$200k liability limits. I also dropped the level of rental reimbursement and doubled the deductible for collision and comprehensive to $500. A lot more money for less coverage.

Cornfield premiums are about $356 per six months with $100k/$300k liability limits and $250 deductibles.
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Old 08-09-2009, 10:19 AM   #8
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I don't think USAA will write any new homeowners policy other than for active duty members who are PCS'd to FL and they will continue to renew your policy if you had it prior to when the quit writing (2005?). I was a bit surprised they weren't writing Renter's policies. The system must really be a mess.
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