Property Taxes and Hazard Insurance

[Ginny]

SC- One mile to the beach, as the crow flies.

Home FMV- $600,000.00
Prop taxes- $1,700.00
Homeowner's insurance- $3,500.00

 

[athena53]

Homeowners insurance premiums have no relation to any taxes in the state. FL gets its money from taxing tourists rather than a state income tax (which is why my brother the tax accountant just moved there in retirement .) Your friend's homeowners insurance premium is a function of the massive hurricane risk.

I live in a suburb of Kansas City, on the Missouri side. House worth about $310,000, property taxes $5,200, homeowners insurance $2,400. We're in Tornado Alley so that bumps it up a bit.

 

[RetireeRobert]

Wow, only $685 on $750,000 value. Nice.

Besides my $5000 deductible to get that HO insurance rate at $685, another factor is the small acreage "land" is part of that $750,000 FMV I stated. Land itself is FMV probably $250,000. The home itself to rebuild is more in the $500,000 to 600,000 range---and that is what I am insuring in my HO policy. I got it quoted at $600,000 to be safe. But no sense buying HO insurance on "land". That's why they don't call them Landowners policies, rathe Homeowners policies.

Other factors as well, no "toys"---boats, trailers, shops, greenhouses to goose up the HO premium. No expensive "jewelry" additions, or gun collections, or other things that goose an HO premium. Only one 12' x 16' garden shed unheated no water, bare bones shed.

 

[RetireeRobert]

Wow, only $685 on $750,000 value. Nice.

And---I am blessed to live in western Oregon, on a hill. So, no flood hazard, no tornado or hurricane hazard, no blizzard tons of snow to collapse things hazard.

We did have widespread severe wildfires in the forests last summer about 20 miles from here. So, I am waiting to see if HO rates go up because of that.

 

[justtryharder]

Location: Austin, TX
Est. Value: $431,000
Property taxes: $9,950
HO insurance: $844 w/$5K deductible

 

[11522914]

Homeowners insurance premiums have no relation to any taxes in the state. FL gets its money from taxing tourists rather than a state income tax (which is why my brother the tax accountant just moved there in retirement .) Your friend's homeowners insurance premium is a function of the massive hurricane risk.

I live in a suburb of Kansas City, on the Missouri side. House worth about $310,000, property taxes $5,200, homeowners insurance $2,400. We're in Tornado Alley so that bumps it up a bit.

That makes a lot of sense. My friend lives in Orlando. Can't imagine what homeowners insurance would be living near the coast.

I certainly experienced my share of hurricanes in my 30 years in FL. Luckily we missed hurricane Andrew. My MIL at the time lived in Miami. By the time the hurricane was over all that was left in their 3,000 sf house were the outside concrete block walls. Very lucky as they were on vacation in Europe.

I thought I would never see another hurricane after moving to Raleigh, NC. Damn it if hurricane Fran didn't directly hit Raleigh in 1996.

 

[jazz4cash]

I like reporting in percentages.

MD
PROPERTY TAX 1.4%
Insurance 0.2%

I appealed our property tax assessment so that saves us 7% which is huge and more fairly represents market value.

 

[FlaGator]

That makes a lot of sense. My friend lives in Orlando. Can't imagine what homeowners insurance would be living near the coast..........

Florida Panhandle, 1 mile from the beach. Newer house, built to current code.

Value ~$700,000
Insurance - $2,100
Taxes - $3,300

There were discounts on the insurance if an inspection confirmed the roof attachment, storm grade windows, etc.

Taxes are lower because I rolled over the cap on taxable value from the SoFla house bought in 1998

Property taxes vary widely across the state. My county has one of the lowest rates in the state.

 

[MarieIG]

Ballpark. Just finished work and I'm taking a nap before going back to work.

House value 500k
Property tx 16k (mostly for school)
H.O. insurance 2,400 for one house
Umbrella 2k
Auto 5k

Yes, we have a hefty income tax and sales tax in case anyone was worried we were slacking.

 

[anothercog]

SF Bay Area

Home value: $2.1M
Taxes: $15,400
Insurance: $1,400

I don’t carry earthquake coverage.

 

[Katsmeow]

Texas

Estimated value -- hard to say since we remodeled. Maybe $475 to $500k

Homeowner's - $2672 Deductible - $4150 for most things on the policy

Taxes - $6640

 

[finnski1]

Ballpark. Just finished work and I'm taking a nap before going back to work.

House value 500k
Property tx 16k (mostly for school)
H.O. insurance 2,400 for one house
Umbrella 2k
Auto 5k

Yes, we have a hefty income tax and sales tax in case anyone was worried we were slacking.

Ouch! That's 60% of our entire yearly spend just for property tax and insurance. We don't have any sales or income tax as well

 

[Music Lover]

I like reporting in percentages.

MD
PROPERTY TAX 1.4%
Insurance 0.2%

I appealed our property tax assessment so that saves us 7% which is huge and more fairly represents market value.

Percentage leaves out important information. House insurance would be different for a $400k building on a $100k lot compared to a $200k building on a $300 lot. There's no need to insure land.

 

[wyecrabber1]

In St. Augustine, not on the beach but in a large community off I-95 -- 15 miles to the beach.

Home value: $~325,000
property taxes with homestead exemption: $3,300.00
property insurance with 1% deductible: $775.00

We moved from Maryland in 2020, our property insurance is less than what we were paying,(<25%). We changed companies -- Erie to State Farm.

Taxes are less when the difference in the home expense is adjusted.

 

[kobedog]

Reside In
Central NV

Current Estimated Home value $395,000 on one acre

Property Taxes
$2,200

Hazard Insurance
$895

 

[Tallman4123]

Northern CT

Home Value (according to Zillow): $331,000
Property Tax: $6,686
Homeowner's Ins: $845 (with $1k ded) plus $372 for $2 mil umbrella

 

[jazz4cash]

Percentage leaves out important information. House insurance would be different for a $400k building on a $100k lot compared to a $200k building on a $300 lot. There's no need to insure land.

That's true, I agree most posts don't include the value of the lot vs. improvement and most insurance policies AFAIK are based on FMV which includes but does not specify the land value.

 

[mountainsoft]

SW Washington State
1456 sq/ft home on 1.95 acres
Tax value: $390K (Zillow Estimate $490K)
Property Taxes: $5000
Home Insurance:$1000

 

[levindb]

Hilton Head Island, SC 1200 feet from the ocean

Home Value - $700,000
Property Taxes - $3915 .56%
Homeowners Ins - $3935 .56%
Flood Ins - $785 .11%

 

[wmc1000]

Reside In
Indiana

Current Estimated Home value $300,000

Property Taxes
$891

Hazard Insurance
$1,189 with $1,000 deductible

 

[ncbill]

OK, I'll play.

Current Townhome/condo value: $200k
Taxes: Under $2k/yr
HO Insurance: $300/yr

HOA fees cover major replacement insurance

Similar value for my townhome, but they are freestanding units (3 units per building)

so homeowner's ($1,200 w/ $1,000 deductible) is required as replacement insurance,

property taxes ~$2,400 (would be a little over half that outside city limits)

 

[SecondCor521]

That's true, I agree most posts don't include the value of the lot vs. improvement and most insurance policies AFAIK are based on FMV which includes but does not specify the land value.

My homeowner's policy excludes land value and ignores market value. It's based on rebuild cost estimate which is in turn based on square footage, number of bathrooms, finishes, etc. Plus how far away the nearest hydrant and fire department station is (both pretty close in my case).

 

[Music Lover]

My homeowner's policy excludes land value and ignores market value. It's based on rebuild cost estimate which is in turn based on square footage, number of bathrooms, finishes, etc. Plus how far away the nearest hydrant and fire department station is (both pretty close in my case).

That's probably how most policies work.

 

[ksr]

Reside in: Maryland
Estimated Home Value: $500K
Property Taxes: $5K
Homeowner's Insurance: $1100 with $1K deductible

 

[l8_apex]

Bozeman, MT
County's value = $580k
Current value = $850k
County taxes = $5,257
Insurance = $583 for a $5k deductible. I've got 7 policies all with the same carrier, so this rate has a lot of discounts built in.

The next element in this discussion is the age of the home. In my experience, a home that's 20 years old has an insurance cost that's almost double of a home that's 5 years old. My home was built in 2015 and didn't use any materials that would cause a higher insurance premium. (i.e. siding/roof of something that would burn)