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Hey All. So, I went to get home owners insurance for my house in N Asheville. I was surprised to see that it was way more expensive than NYC. The replacement cost for the NYC property was 900K, and insurance was $1700. With a similar policy here in Asheville and replacement cost of 832K insurance is $3670. I have another house in Weaverville with a replacement cost of 533K and insurance on that one is $1800. what gives, how come it is so much more expensive than NYC?
BTW, can't wait to see everyone on Sunday!
I'm not surprised by this, AAB. I've been saying here on CD for months now, that the only things I really find less expensive here in WNC than NY/NJ, are:
1) Property Taxes - This is by far the main thing that makes COL in WNC lower than up north. This one item can be as much as a 90% reduction, though it is often more towards 25-30% lower
2) Auto Insurance - this is typically, from my own situation, and other anecdotal info I've seen, about half of what it runs in NY/NJ
3) Utilities - Electric and Gas charges seem to be somewhat lower, though not as much of a difference as the two items above
That's about it as far as cost savings. Many things, like food, sundries, clothing, etc are on par here in WNC, with what you'd pay up north (though some items are not taxed in NY/NJ). Gasoline is far cheaper in NJ than here, though NY is about equal. Movies, local theater shows, mini-golf, etc are all about the same, but bowling can be far cheaper up north, as there is competition that leads to special pricing for certain days and packages up north, but here, it's full price or you just don't go.
Veterinarians up north also seem cheaper than the ones here in WNC (at least the highly-rated ones I use in both places), with WNC vets charging about 25% more.
I also found CATV, at least MBB, was far more expensive here in WNC than Optimum Online was in NY/NJ. Since AT&T came in with Uverse last year, however, this is no longer true. They are now about equal.
So I am not surprised at all at your recent finding. Hopefully, we will get to keep the lower property taxes here, as that's the only big difference. I worry though, with the actions of our current state legislature, that these will stay as low as they currently are.
I'm not surprised by this, AAB. I've been saying here on CD for months now, that the only things I really find less expensive here in WNC than NY/NJ, are:
1) Property Taxes - This is by far the main thing that makes COL in WNC lower than up north. This one item can be as much as a 90% reduction, though it is often more towards 25-30% lower
2) Auto Insurance - this is typically, from my own situation, and other anecdotal info I've seen, about half of what it runs in NY/NJ
3) Utilities - Electric and Gas charges seem to be somewhat lower, though not as much of a difference as the two items above
That's about it as far as cost savings. Many things, like food, sundries, clothing, etc are on par here in WNC, with what you'd pay up north (though some items are not taxed in NY/NJ). Gasoline is far cheaper in NJ than here, though NY is about equal. Movies, local theater shows, mini-golf, etc are all about the same, but bowling can be far cheaper up north, as there is competition that leads to special pricing for certain days and packages up north, but here, it's full price or you just don't go.
Veterinarians up north also seem cheaper than the ones here in WNC (at least the highly-rated ones I use in both places), with WNC vets charging about 25% more.
I also found CATV, at least MBB, was far more expensive here in WNC than Optimum Online was in NY/NJ. Since AT&T came in with Uverse last year, however, this is no longer true. They are now about equal.
So I am not surprised at all at your recent finding. Hopefully, we will get to keep the lower property taxes here, as that's the only big difference. I worry though, with the actions of our current state legislature, that these will stay as low as they currently are.
My place in NYC was worth 1.825M and the property taxes were $5500. My N Asheville place is 810K and the taxes are $7500. The thing about NYC is that there were a lot if hidden taxes. My car insurance is way cheaper than NYC though.
One point that I should have mentioned is that both houses will initially be rentals. I have to check with the agent, I think that is what is driving the cost up.
My place in NYC was worth 1.825M and the property taxes were $5500. My N Asheville place is 810K and the taxes are $7500. The thing about NYC is that there were a lot if hidden taxes. My car insurance is way cheaper than NYC though.
It was worth the $1.825M at the time of sale. What was the assessed value though, that is what the taxes are based on. And... when was that assessed value placed on it. Most locations do not re-assess taxes every year. Some are prevented from doing that by laws any less than 5 years or even 10 years. Some raise the tax rate, rather than raise the assessment. There are also exemptions to be taken into consideration. Did you have tax exemptions on the NY property? My 2BR, 1 bath, 1200 sf. pretty ranch in RI which sold for $198,000 had taxes of $4,200/year, and that was when I left there to come to NC 13 years ago! The taxes on that same house here in a comparable neighborhood in the county would be around $900/yr. In the city would be $1700 or so. The NY property was most likely re-assessed on the sale, and the new owner could be paying taxes on 100% assessed value. Ouch !
Your Ashville property is within the city limits, right? You are paying city and county taxes on that one; and yes, non-owner occupied could be the difference.
C'ya tomorrow ! the weather man promised temps in the 70's! and meeting everyone is going to be fantastic.
It was worth the $1.825M at the time of sale. What was the assessed value though, that is what the taxes are based on. And... when was that assessed value placed on it. Most locations do not re-assess taxes every year. Some are prevented from doing that by laws any less than 5 years or even 10 years. Some raise the tax rate, rather than raise the assessment. There are also exemptions to be taken into consideration. Did you have tax exemptions on the NY property? My 2BR, 1 bath, 1200 sf. pretty ranch in RI which sold for $198,000 had taxes of $4,200/year, and that was when I left there to come to NC 13 years ago! The taxes on that same house here in a comparable neighborhood in the county would be around $900/yr. In the city would be $1700 or so. The NY property was most likely re-assessed on the sale, and the new owner could be paying taxes on 100% assessed value. Ouch !
Your Ashville property is within the city limits, right? You are paying city and county taxes on that one; and yes, non-owner occupied could be the difference.
C'ya tomorrow ! the weather man promised temps in the 70's! and meeting everyone is going to be fantastic.
Thank you for this line of reasoning, QC. AAB's reply to me DID have me scratching my head. I wonder if your assumptions are correct on how he had such low taxes on his place in NYC.
And yes, I hope everyone has a great time tomorrow. Wish I could've been there with y'all.
Thank you for this line of reasoning, QC. AAB's reply to me DID have me scratching my head. I wonder if your assumptions are correct on how he had such low taxes on his place in NYC.
And yes, I hope everyone has a great time tomorrow. Wish I could've been there with y'all.
On behalf of all of us, we're wishing you could be here too -- give a shout when you're back in town; and in the meantime you and Mrs. PVS can live vicariously through the photos that MD will post here on CD.
Hey All. So, I went to get home owners insurance for my house in N Asheville. I was surprised to see that it was way more expensive than NYC. The replacement cost for the NYC property was 900K, and insurance was $1700. With a similar policy here in Asheville and replacement cost of 832K insurance is $3670. I have another house in Weaverville with a replacement cost of 533K and insurance on that one is $1800. what gives, how come it is so much more expensive than NYC?
BTW, can't wait to see everyone on Sunday!
There are several other factors that are probably affecting your insurance cost. Our cost on a 2013 2000ft 3/2.5 home is North Asheville in the city limits is less than $500 annually. We also have car insurance with the same company, as well as being very long term customers. In arriving at a replacement cost for coverage, we subtracted the value of the lot as land isn't likely to be destroyed in a fire and we are not on an unstable slope. We have a detached 2 car garage and live here full time. One advantage to living in the city is because of short professional fire department response, insurance is less than when we lived in a rural county that depended on a volunteer department. For point of comparison our assessed value for county/city tax is 363,000.
Just thought I'd add....When we moved our old insurance and car insurance were two different agents. One of them would not allow us to buy auto without home which was just ridiculous. We dropped them and ended up saving money...like $50 a month. I know this sounds silly but did you shop around? Might be better options. Good luck.
Just thought I'd add....When we moved our old insurance and car insurance were two different agents. One of them would not allow us to buy auto without home which was just ridiculous. We dropped them and ended up saving money...like $50 a month. I know this sounds silly but did you shop around? Might be better options. Good luck.
I went with Webb insurance. My realtor recommended him.
Last edited by Above Average Bear; 06-27-2015 at 09:31 PM..
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