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Old 04-24-2014, 09:09 AM
 
Location: Ozark Mountains Arkansas
1,795 posts, read 1,105,865 times
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Living in south Louisiana, our homeowners rates are fairly high. Not including flood insurance rates, the homeowners where I am now is about $3K/year for a 240K home. I'm trying to get an idea of the cost of living rates there compared to here. What would be an average range of insurance for 170-200K in the Woodland Park and surrounding areas?

If anyone has any info to add for property tax, that would be helpful too. When viewing properties on realtor.com, it does tell me what they paid last year but I'm not sure how accurate it is. Seems rather low.
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Old 04-24-2014, 09:19 AM
 
Location: Aurora, CO
6,158 posts, read 9,451,530 times
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Quote:
Originally Posted by Hollynla View Post
Living in south Louisiana, our homeowners rates are fairly high. Not including flood insurance rates, the homeowners where I am now is about $3K/year for a 240K home. I'm trying to get an idea of the cost of living rates there compared to here. What would be an average range of insurance for 170-200K in the Woodland Park and surrounding areas?

If anyone has any info to add for property tax, that would be helpful too. When viewing properties on realtor.com, it does tell me what they paid last year but I'm not sure how accurate it is. Seems rather low.
Not sure about homeowner's rates, but property taxes are fairly low here because there's a state income tax. We live in a higher than average property tax area in the Denver metro area and our taxes were $3600 on a $330,000 house last year. About 1/3 of the tax bill goes to the Metropolitan Utility District. If we didn't have that our tax bill would be around $2400 a year.
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Old 04-24-2014, 09:19 AM
 
20,310 posts, read 37,810,444 times
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My guess is that you'll save at least $1k on the insurance bill.

Quick rule of thumb on property taxes is that they often equate to about 0.6% of market price; so on a $200k home the taxes will be in the vicinity of $1.2k/year. You should be able to find any address in the Teller County Assessor's website to see exactly what taxes are on most any property. If a home is in El Paso County, use this site.
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Old 04-24-2014, 09:29 AM
 
Location: Ozark Mountains Arkansas
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Thanks so much for the quick reply and the links. Wow, good to know, we also have a state income tax and property taxes are higher than that. Our sales tax (with fed) is 10%. Sounds like I don't have to account for an increase in cost of living for those things.
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Old 04-24-2014, 07:11 PM
 
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I live in the city of Colorado Springs but I've seen my homeowners' insurance rates go up substantially after 2 summers of wildfires, and I remember seeing some reports last year that some insurers were refusing to renew policies on homes that were not adequately "firescaped". Since large parts of Woodland Park are in a pine forest, I imagine the situation is even more critical there. I did look at some houses there before deciding to settle in Colorado Springs instead, and during the fires it made me shudder to think of how dangerous they were; I remember one that had wood siding and decks, was in the middle of a pine forest with trees growing right up to the house and overhanging the roof, and was on a dead-end street with only one way out of the neighborhood, too. You might want to give some thought to how much work will need to be done on the property to make it safe and/or insurable, rather than just focusing on cost.....
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Old 04-24-2014, 07:57 PM
 
Location: Ozark Mountains Arkansas
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Thanks for that info Dr.Frog. We've fought with homeowners insurance rates so much here and I do understand that certain risks can make them fluctuate and of course I would want to make my property as safe as possible. I remember when ours renewed after Katrina, it went from $2K/year to $6K. Most companies would not write here for years either so options were very limited. It's just something I like to know about ahead of time.
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Old 04-24-2014, 08:51 PM
 
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Your rate will depend upon the coverage you desire - minimum liability? $5,000,000 liability? - but for the coverage most people purchase expect something in the $900 to $1100 range for the 170,000 to 200,00 dollar house you hypothecate.
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Old 04-24-2014, 10:18 PM
 
574 posts, read 624,561 times
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I'm not sure how insurance companies set rates, but I'll bet that even if the location were the same, a house like the firetrap I described above costs more to insure than a house with a stucco exterior, class A roof, concrete patio, and landscaping that has only a few trees that are mostly deciduous rather than pine forest, etc. That's why I'm thinking it's hard to come up with any useful information from generalities about how much insurance costs here.
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Old 04-24-2014, 10:39 PM
 
Location: Where the mountains touch the sky
575 posts, read 669,940 times
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My neighbor's parents live in Teller County, their insurance company informed them they were canceling their policy, it was up for renewal. The company sent someone out to assess the fire risk and even though their property was mitigated surrounding properties are not and based on that, it was deemed too a high a risk. Their home is paid off they are struggling to find insurance they can afford.
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Old 04-25-2014, 01:09 AM
 
Location: 900 miles from my home in 80814
4,670 posts, read 6,744,379 times
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We lived NW of Divide from 1975 - 2010 and were voluntarily evacuated during the Hayman Fire. Our insurance rates did not increase after the fire, and we were not cancelled or even told to "firescape" as we already had long before the Hayman fire. No one from the insurance company came out to check our property after the fire, either. We had our homeowners policy with a national company, but through a local agent the entire 35 years, so that may have made a difference.
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