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Unread 02-06-2010, 09:35 AM
 
10 posts, read 11,746 times
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Default Property Insurance

Hi:

I'm wondering what the property insurance rate is for a house in Miami-Dade county? Thanks much~
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Unread 02-06-2010, 12:15 PM
Status: "Enjoying the cool front for a few days." (set 8 days ago)
 
6,259 posts, read 11,565,253 times
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This is a hard thing to give an answer for. As many factors go into what someone pays for home insurance. I can tell you Miami-Dade has the second highest rates in the state behind Monroe County (the Keys).
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Unread 02-06-2010, 03:35 PM
 
Location: western East Roman Empire
3,446 posts, read 5,284,143 times
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Quote:
Originally Posted by doggiebus View Post
This is a hard thing to give an answer for. As many factors go into what someone pays for home insurance. I can tell you Miami-Dade has the second highest rates in the state behind Monroe County (the Keys).
That's right, the factors are too many for an open-ended question like the one you posed.

However, a very rough rule of thumb is 2% of purchase price, basically the same rule of thumb used for property taxes.

Again, the actual rate will vary significantly depending on any number of factors, the main ones being proximity to the coast, year of construction, related to that, conformity of construction to the latest building codes, and the quality and competitive policies/strategies of the insurer.

Last edited by bale002; 02-06-2010 at 03:49 PM..
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Unread 02-06-2010, 04:22 PM
 
10 posts, read 11,746 times
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Thanks! I just want to know how much of a bite this would be. When you say this is the same rule of thumb for property taxes, this sounds very painful to the wallet. FL has some high property taxes and paying both property taxes and property insurance makes Miami unaffordable, even without a state income tax.
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Unread 02-06-2010, 05:17 PM
 
Location: Miami Beach, FL
1,739 posts, read 1,333,843 times
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Angry Insurance: increasing still

Quote:
Originally Posted by mjh81 View Post
Thanks! I just want to know how much of a bite this would be. When you say this is the same rule of thumb for property taxes, this sounds very painful to the wallet. FL has some high property taxes and paying both property taxes and property insurance makes Miami unaffordable, even without a state income tax.
No storms since 2005, and yet homeowners insurance is not even stabilizing! We have double-digit increases this year with even more homeowners being dropped by private insurers. Don't buy anything here until the "bite" has at least stopped getting bigger!

Hold on...pretty soon our PITI payments will be twice the actual mortgage loan payment!
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Unread 02-06-2010, 05:48 PM
 
38 posts, read 80,521 times
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I want to see if i can compare apples to apples...

...here, on 50k salary you pay 1500 on state income tax and 750 city income tax. So that's 2250 in taxes. Then on a 1200 sqft home (3/1.5, solid/safe middle class neighborhood, about 50 years old, needs some updating) you pay 500 in home insurance and 2500 in taxes.

So total taxes and insurance on a 1200 sqft home and a 50k salary is 5250 here. What would it be down there?
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Unread 02-06-2010, 06:58 PM
Status: "Enjoying the cool front for a few days." (set 8 days ago)
 
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^^^Like bale002 and I said before it is really hard to give you an exact rate for the home insurance. For property taxes figure 2% of the sale price being your tax rate. But if that home is a short sale or foreclosure, meaning you buy it below the neighborhood pricing, your taxes will be based on the regular home price in the neighborhood. I am going to do a little math to give you a little idea of what you could be looking at.

So lets say your 1200 sqft home is Miami costs you $150,000 and you qualify for homestead exemption (50k). 100k-50k=100k 2% of that is $2,000. So $2,000 roughly will be your property tax on a $150k home in Miami. And if we use what bale explained 2% roughly being a guide for the insurance you would be around $3,000. So thats $5,000 for property taxes and homeowners insurance roughly on a $150k home in Miami.
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Last edited by doggiebus; 02-06-2010 at 07:09 PM..
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Unread 02-06-2010, 07:26 PM
 
112 posts, read 140,404 times
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Quote:
Originally Posted by doggiebus View Post
^^^Like bale002 and I said before it is really hard to give you an exact rate for the home insurance. For property taxes figure 2% of the sale price being your tax rate. But if that home is a short sale or foreclosure, meaning you buy it below the neighborhood pricing, your taxes will be based on the regular home price in the neighborhood. I am going to do a little math to give you a little idea of what you could be looking at.

So lets say your 1200 sqft home is Miami costs you $150,000 and you qualify for homestead exemption (50k). 100k-50k=100k 2% of that is $2,000. So $2,000 roughly will be your property tax on a $150k home in Miami. And if we use what bale explained 2% roughly being a guide for the insurance you would be around $3,000. So thats $5,000 for property taxes and homeowners insurance roughly on a $150k home in Miami.
thats right my inlaws pay 3,500 insurance and 1,800 taxes total about 5,300 they paid for their house 135k

me and my fiance plan to pay about the same we are buying our first home cash we still looking... need something in sw close to my inlaws so they can help me babysit
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Unread 02-06-2010, 08:31 PM
 
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So taxes and insurance in pittsburgh and miami are about the same....huh...who knew...

Houses are probably a little cheaper though...1200 sqft is probably closer to 120k here...up to 140k i imagine...what would be the range down there? I'm trying to compare non "ghetto" areas with solid schools....so like a step below palmetto bay maybe? 50 year old home?

So, in totality, you pay a little more down there, because your mortgage is a little higher, but the taxes and insurance, when you total them up, all the different taxes paid in each place, aren't too dissimilar.

I imagine car insurance is more expensive down there, but what else is more expensive? How much is an AC bill to keep a house around 78 for a 1200 sqft home, about 50 years old? Up here our gas bill to keep it at 71 is about 300 a month for 4 months out of the year...and well over 100 for 4 more months...our yearly gas bill is probably around 2k....plus about 60 in elec a month...

PS. For a 135k house up here you pay about 2700 total taxes and 500 insurance...so 3200...but then you pay 4.5% of your salary on your state/city income taxes...plus we also have the same sales tax as you do...so if you're making over 47k up here, you're losing the battle compared to miami in total taxes/insurance...
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Unread 02-08-2010, 11:21 AM
 
Location: Newbury Park
3 posts, read 7,841 times
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Default Insurance Costs

Quote:
Originally Posted by mjh81 View Post
Hi:

I'm wondering what the property insurance rate is for a house in Miami-Dade county? Thanks much~
Cost for home insurance can vary significantly depending on the age and size of the home, location, security features, etc.

The best recommendation is to obtain 3 quotes from reputable companies and compare coverage and cost.
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