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Old 07-07-2008, 06:03 PM
 
44 posts, read 129,846 times
Reputation: 31

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Hi there,

I've posted a few ques before, and everyone has been so very helpful, I have another question now, we've been told how expensive insurance is, we pay about 800/yr now for homeowners, and I've heard that along with homeowners, there is wind insurance, flood insurance and that it adds up quickly.

We had hoped to relocate to the coastal area but concerned about whether we can really afford to do this.

Any input would be appreciated, Thanks
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Old 07-07-2008, 06:56 PM
 
Location: Eastern NC
19,506 posts, read 17,752,194 times
Reputation: 17306
What area are you talking about and how close to the coast are you considering.
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Old 07-08-2008, 07:31 AM
 
Location: Cape Carteret, NC
713 posts, read 3,471,718 times
Reputation: 543
Smile Some insurance numbers

Quote:
Originally Posted by Tucker144 View Post
Hi there,

I've posted a few ques before, and everyone has been so very helpful, I have another question now, we've been told how expensive insurance is, we pay about 800/yr now for homeowners, and I've heard that along with homeowners, there is wind insurance, flood insurance and that it adds up quickly.

We had hoped to relocate to the coastal area but concerned about whether we can really afford to do this.

Any input would be appreciated, Thanks
Insurance varies widely, but here are some rough numbers.

A $600K home in Roanoke, Va can be insured for about $1,000

That same home on the western side of Carteret County will cost $2,750 to insure.

If it is in a AE flood zone you could expect to pay an additional $600 for flood insurance.

However, usually the drop in property taxes more than makes up for it.

The $600K home in Roanoke would have property taxes of $6,100.

The $600K home in Western Carteret County has property taxes of $1,750.

Since property taxes are $4,350 more in Roanoke and insurance with flood insurance is only $2,350 more, you still come out with the coast being $2,000 cheaper.

If you live out on the beach in a similar home, your insurance can be more.

If you are concerned about a particular area, I suggest calling an insurance agent. Most will give you an idea on costs.

NC auto insurance is also much more than in Virginia.
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Old 07-08-2008, 07:47 AM
 
Location: Blue Ridge Mtns of NC
5,661 posts, read 24,671,762 times
Reputation: 3808
Default Homeowner's Insurance

Location within the state will affect your premium.

Premium on a $150,000 Home with a HO 00 03 Policy:

Asheville - $459
Charlotte - $487
Fayetteville -$562
Greensboro - $480
Raleigh - $492
Wilmington - $708

(This is only and example, your individual rate will vary from company to company)

North Carolina Department of Insurance

http://www.ncdoi.com/consumer/consumer_publications/homeowners%20and%20renters/a%20consumer%20guide%20to%20homeowners%20insurance .pdf (broken link)
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Old 07-16-2008, 07:44 AM
 
Location: New Bern, NC
33 posts, read 93,959 times
Reputation: 12
I recently talked to my Nationwide rep and he said that they are now covering wind and hail in house if you have 2 things: Car Insurance with them and can prove that the shingles on the roof have been replaced within 15 years (?). That saves a lot.
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Old 07-16-2008, 08:20 AM
 
257 posts, read 926,307 times
Reputation: 159
Quote:
Originally Posted by dsobotta View Post
NC auto insurance is also much more than in Virginia.
where can i get idea of rates for auto insurance in NC?
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Old 07-16-2008, 08:21 AM
 
Location: Swansboro
148 posts, read 555,400 times
Reputation: 69
Default Insurance Rates

Quote:
Originally Posted by Tucker144 View Post
Hi there,

I've posted a few ques before, and everyone has been so very helpful, I have another question now, we've been told how expensive insurance is, we pay about 800/yr now for homeowners, and I've heard that along with homeowners, there is wind insurance, flood insurance and that it adds up quickly.

We had hoped to relocate to the coastal area but concerned about whether we can really afford to do this.

Any input would be appreciated, Thanks
I would advise you to only consider properties that are NOT in a flood zone, this will save you alot of money...I pay over $2000 a year for wind and hail, this is by choice, because I choose to live here...I don't mean to be negative, but you can't have your cake and eat it too...

I'm a straight shooter when it comes to real estate and this area, I've probably lost biz, because I deal straightly with the facts, and I don't mince words...

If you are considering any coastal area, your going to pay for it, its just a question of finding the cheapest rate for the best coverage...

If your concern is insurance rates, maybe you should compensate on buying LESS of a home, so you will have monies to afford the higher insurance rates...

Taxes here in Carteret county are some of the lowest in the state...Yes insurance rates are higher, but this is because of nature, and with any kind of risk, corporations are going to do what is in their best interest, not yours...

I've seen on here so many times....People from other areas can sell their homes in other areas for a high price, and expect to come here and buy a home for a lower price, that just makes good sense...But, if a hundred bucks a month is going to make or break you, then I would suggest to anyone coming here to RENT...

My job as a Real Estate Agent is to be honest and tell you the things you need to hear, like your attorney would, it is for your betterment and in your financial interests....
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