Taxes and Insurance on 400K house in Mt Pleasant ? (Charleston: sales, mortgage)

[ladybug123]

We are planning a move to Mt Pleasant this year. For budget purposes I am trying to estimate how much taxes and insurance will be on a 400K home. I have called 2 insurance companies and gotten some quotes, plus I've tried to figure out the tax rate. Here is what I"m estimating and hoping someone can tell me if I'm way off, or any where close?

For a 400K house 2800 sq. ft, 4 bedrooms:
2,500 - 3,500 per year (includes wind/hail but not flood)

2200 per year for insurance

This means I need to add 400 - 500 dollars extra per mos to my mortgage amount. I'm hoping I can find a home not in a flood zone, otherwise I need to get an estimate on that.

Does this sound right to anyone? Am I too high or too low?

Thanks!

[beachme]

If your in a low flood zone you can expect to pay $350 a year.

Average tax based on a resident taxed at 4% about $1400-$2000 a year It depends on year built/land/etc

[USCJoe]

Your tax on a home purchased for $400,000 in Mt. Pleasant will be about $1650 a year based on the 2009 tax rate for a primary residence. Your insurance estimate looks about right. Generally flood will be about $250 to $500 a year in Mt. Pleasant, although there are exceptions if the home is in a V zone which is unlikely for a home in the $400,000 range. The property tax should be based upon the assessed value which will be the sales price of the home you purchase.

Originally Posted by ladybug123

We are planning a move to Mt Pleasant this year. For budget purposes I am trying to estimate how much taxes and insurance will be on a 400K home. I have called 2 insurance companies and gotten some quotes, plus I've tried to figure out the tax rate. Here is what I"m estimating and hoping someone can tell me if I'm way off, or any where close?

For a 400K house 2800 sq. ft, 4 bedrooms:
2,500 - 3,500 per year (includes wind/hail but not flood)

2200 per year for insurance

This means I need to add 400 - 500 dollars extra per mos to my mortgage amount. I'm hoping I can find a home not in a flood zone, otherwise I need to get an estimate on that.

Does this sound right to anyone? Am I too high or too low?

Thanks!

[ladybug123]

That helps. I meant to say 2200 for taxes in my message, so maybe I was a little high, but if I factor in flood insurance (which I hadn't and sounds like I'm going to need that too) -- it comes out almost the same, give or take a little. Wow -- the insurance is definitely higher than I expected, so I'm glad to get this information so I know what to budget for. $$$ Thanks!

[JimmyCh]

Just brought a home in Mt. Pleasant around 400k, home insurance with earthquake ~$1800. My home is not in a flood zone but I still brought the flood insurance at $350. The tax is less than 2000 I think.

[ladybug123]

Thanks - this is good info. I'm still confused about wind/hail insurance. Some realtors say anything east of 17 is in the wind pool - so you need hurricane insurance and anything west of 17 you don't. However, when I call the insurance companies they tell me I need wind/hail in all of Charleston, but the rates vary based on location. I'm just wondering, will I need hurricane insurance in Park West or Rivertowne? That's west of 17...? Does anyone know?

[JimmyCh]

Yes, you will need hurricane insurance for sure (some insurance is called wind insurance which will pay for most wind damage even if is not hurricane strength). Not so sure about Hail...