Home Buying in Key West>Question Details

Juan Romero, Home Buyer in Key West, FL

how much monthly is betwen taxes and insurance?

Asked by Juan Romero, Key West, FL Wed Jun 8, 2011

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Taxes are typically a little over 1% in the city of Key West FL. In the city home owners pay a monthly bill for sewer and garbage that is typically $80 to $135 per month.

In Monroe county (homes not in the city of Key West) some islands have a sewer surcharge for connecting the home to the central sewer system. The fee can range from $400 per year, to a few hundred more per year. The fee is added into the annual taxes. County taxes are a little less than city taxes, but the sewer fee can make up the difference or make the taxes a little higher than in the city.

I'm not an insurance agent so this is not written in stone information. It's based upon my experience with my clients...

Insurance depends upon a few factors.

1. A brand new home will be less.

2. A home in an X flood zone will not be required to maintain flood insurance (a savings of $2,400 per year or more with a maximum of $250,000 worth of coverage). If a home is in an X zone the flood insurance is typically approximately $400 per year. A ground level home will typically cost more to insure than a stilt home in any flood zone other than an X flood zone.

3. Hurricane mitigation credits. A homeowner can get credits (discounts) on their policy if the home has features that protect the home from a hurricane. Discounts can be in the 42% range. A roof with clips and double tie downs (that can be documented photographically) qualify for a discount. A metal roof is a bigger discount than an asphalt shingle roof. A rolled roof qualifies for a smaller discount than an asphalt shingle roof. A hip roof qualifies for a bigger discount than a gable roof. A home with Class A hurricane shutters gets a bigger discount than a home with Class B hurriance shutters.

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0 votes Thank Flag Link Thu Jul 12, 2012
The replacement value of the home, type of construction (concrete, frame, modular or mobile) and square footage can also affect the cost of insurance.
Flag Thu Jul 12, 2012
There are a couple of factors that would affect the cost.
Replacement cost of the home which is determined by the type of building materials used to build the house, territory or zip code, your insurance history such as insurance score and claims history if any, and a few other factors depending on the company. Its always best to get a couple quotes and compare not just rates but also coverage. Some policies are broad form and some are special which are very different contracts. You really need to get some quotes from insurance agents and compare them. Its a bit of work but hopefully the company you get insured with is the one you keep for a while.
Web Reference: http://myinsurancenerd.com
0 votes Thank Flag Link Thu Jul 12, 2012
Juan,
I generally ask the seller what they are currently paying in Insurance. Taxes depends on assessed value of the home and the appraiser's office may be able to help you there. Taxes for the previous year are generally on the MLS.
Good Luck!

Genevieve Ramachandran
0 votes Thank Flag Link Thu Jun 16, 2011
Hi Linda,
We have 3 insurance policies that we need - unless the home is in what is called an "X" zone. There are 2 types of X zones. If a home is in an X zone the land has never flooded and experts who statistically predict risk do not believe the land will ever flood. A home in an X zone is not required to have flood insurance.

Purchasing a home in an X zone would mean that a buyer or homeowner could only be required to purchase 2 of the 3 insurance policies that mortgage underwriters require. Not purchasing a flood policy could, in my experience, save a buyer or homeowner with a stilt home that does not have an 'enclosure,' also known as a ground level storage area below a stilt home, at the lowest price $350 annually. Not purchasing a flood policy, in my experience, for a ground level concrete home, at the low end of the price range, could save a buyer or homeowner approximately $2,000 lower at the low end of the price range of homes.

In our area a home in the lowest price range would be in the $350,000 price range give or take $100,000. The average price of a home (2011) is $437,000 in Monroe county. The typical insurance for a ground level concrete home at the low end is going to be in the $4,600 to $4,900 from my experience. Insurance that is much less expensive. Depending upon the year the property was built and materials used the discount on the wind policy could be as much as 82%.
Maya
0 votes Thank Flag Link Mon Jun 13, 2011
Seriously Maya?!!! One of the least expensive hazard insurance is $4600-4900? I'm in shock.
Web Reference: http://www.lindacefalu.com
0 votes Thank Flag Link Thu Jun 9, 2011
Taxes are generally a little more than 1% of the assessed value annually. The assessed value is generaly close to a fair market purchase price. If the purchase price is below market value it's possible that the property could be taxed at the tax appraisers fair market value.

To be clear, I am a real estate agent and not an insurance agent. From my experience the price of an nsurance policy is going to depend upon upon the home. The least expensive policy that I recall was approximately $130 per month. This was a 2006 modular home.

If the home is ground level and concrete block the least expensive insurance is likely to be $4,600 to $4,900 per year if the home has class A hurricane shutters and a metal roof with roof clips and tie downs. The mitigation credits for the hurricane shutters, metal roof, clips and tie downs account for up to 42% off of the inusrance premium. If the roof does not have the mitigation credits the insurance will be more expensive. If the roof is flat insurance will be more expensive.

If the home is a stilt home insurance will be lower. If the stilt home is a modular home built after 2006 the insurance will likely be the least expensive a buyer will find. If the stilt home is a frame home the insurance will be more expensive. If the stilt home is poured concrete or concrete block the insurance will be more expensive.
0 votes Thank Flag Link Wed Jun 8, 2011
Take the yearly property tax and divide by 12. This will give you the monthly amount. Keep in mind that the taxes may increase after purchase, so plan for that in your budget.

Insurance is different for everyone. Check with your local trusted insurance agent and have them give you an approximate quote for the year and again divide that by 12.

Also, do not forget about PMI. If you aren't putting down 20%, you may be responsible for that as well. And this is different from state to state and is based on your debt to income ratio, credit scores et cetera, but a qualified lender should be able to give you an approximate cost.
0 votes Thank Flag Link Wed Jun 8, 2011
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