|
Homeowner’s pricing seems quite variable. I have a place where the total value is 2x, and the value of the actual building there is probably 1.5x (land only .5x). I have another place where total value is 1x, but 90% of that is the land. Same homeowners price for both. E: like 900 each
|
#
?
Jun 24, 2018 16:53
|
|
|
|
| # ? May 29, 2024 21:42 |
|
|
*looks at his south Florida home.* *looks at his $3,800/yr homeowners policy.* 
|
|
#
?
Jun 24, 2018 19:09
|
|
|
MrYenko posted:*looks at his south Florida home.* Yeah but no state income tax and very low property taxes.
|
|
#
?
Jun 24, 2018 19:14
|
|
|
Sock The Great posted:Yeah but no state income tax and very low property taxes. You don't "buy" property in Florida so much as "lease it from the ocean"
|
|
#
?
Jun 24, 2018 19:25
|
|
|
Sock The Great posted:Yeah but no state income tax and very low property taxes. Yes good point, and lololol what the gently caress no, unless you’re comparing it to New Jer$ey. In that order.
|
|
#
?
Jun 24, 2018 19:28
|
|
|
You’d be surprised, I think. For instance I know of a handful of people in different parts of the Midwest who right now pay more than $5000 in total prop tax on houses that would sell for $250k.
|
|
#
?
Jun 24, 2018 19:39
|
|
|
WithoutTheFezOn posted:You’d be surprised, I think. For instance I know of a handful of people in different parts of the Midwest who right now pay more than $5000 in total prop tax on houses that would sell for $250k. Try over $10k for $300k.
|
|
#
?
Jun 24, 2018 19:42
|
|
|
Ya, I’m at $7400/yr or so. It’s for more value than that, but gently caress it all the same. I’d still take our property taxes over a state income tax any day, and twice on Sundays.
|
|
#
?
Jun 24, 2018 19:44
|
|
|
MrYenko posted:Yes good point, and lololol what the gently caress no, unless you’re comparing it to New Jer$ey. I'm comparing it to Connecicut, which may have higher taxes than NJ. 4.5% state income tax and I pay over 3% of my homes value in property taxes each year. I'd much rather pay 3x for my property insurance than either of those two.
|
|
#
?
Jun 24, 2018 19:50
|
|
|
MrYenko posted:Ya, I’m at $7400/yr or so. It’s for more value than that, but gently caress it all the same. Have you ever thought about moving to Connecticut? At least 3% of your property value in property tax, depending on your town. Automobile tax (3.6% of the vehicle value) State income tax (4% of your salary) Estate tax (not sure on the %) Sales tax (6.35%) On the other hand we probably have the best overall quality of life, four real seasons, not much in the way of natural disasters, easy access to NYC and Boston, etc.
|
|
#
?
Jun 24, 2018 19:58
|
|
|
OSU_Matthew posted:Question for you guys though... I'm paying about 800$ a year for home insurance... Is that high? Low? About right? Googling says the average for Ohio is ~600, but I don't think that's right $751 at last year's renewal in the Cleveland area, 100+ year old house, $130k value. Have home and car with them. I don't remember what it started at ~4 years ago when I bought the place but Erie Insurance was the least expensive I was able to find. Since we're talking about insurance, how often do you guys shop around for new rates? When I rented I used to do it every year for car insurance, but now that I have both home insurance and car insurance with the same company, I haven't even bothered looking for pricing on either one. Are there any downsides to switching home insurance every year? Mine is coming up in Sept, so maybe it's a good time to start looking?
|
|
#
?
Jun 24, 2018 23:44
|
|
|
Panthrax posted:$751 at last year's renewal in the Cleveland area, 100+ year old house, $130k value. Have home and car with them. I don't remember what it started at ~4 years ago when I bought the place but Erie Insurance was the least expensive I was able to find. You can switch home or auto insurance at any time, even if you've paid through a particular date. The provider will issue you a refund check for the balance. If you are planning on shopping around (and plan to switch when your current policy is up) then I would inform your lender no later than 60 days before your policy is up. The bank will tend to disburse the payment from escrow as soon as they receive the bill. Then you need to go through the process of cancelling the policy, paying extra out of escrow for the new policy, then waiting for the refund check to come, then making a deposit to recharge your escrow account.
|
|
#
?
Jun 25, 2018 00:10
|
|
|
Wait, how is escrow involved? Doesn’t that go away as soon as you close? I just pay my insurance on my credit card.
|
|
#
?
Jun 25, 2018 00:12
|
|
|
An escrow account lets you pay one amount for (mortgage + taxes + insurance) each month for a small fee instead of paying each of those separately
|
|
#
?
Jun 25, 2018 00:15
|
|
|
Is paying them separately hard? I don’t have a mortgage, but taxes and insurance are automatically paid with no small fee.
|
|
#
?
Jun 25, 2018 00:16
|
|
|
Subjunctive posted:Wait, how is escrow involved? Doesn’t that go away as soon as you close? Impound account. It's frequently offered (and sometimes required) that you pay your lender money into impound and they pay your property taxes and fire insurance out of it. It's great and pretty much everyone who isn't rich should do it if available. Every month you pay around 1/12th the TI of PITI into it and they allegedly handle the rest. Once a year you true up. It means generally there is a bunch of money sitting there and I believe it to be worth the peace of mind. I will miss it when I pay off my mortgage. They won't let me add my earthquake policy to it. Pays like 2% interest too.
|
|
#
?
Jun 25, 2018 00:19
|
|
|
No it isn't hard
|
|
#
?
Jun 25, 2018 00:20
|
|
|
I think most often property taxes are only once or twice a year instead of monthly. Some people have problems keeping that much money in the bank and would prefer a steady monthly bill.
|
|
#
?
Jun 25, 2018 00:20
|
|
|
H110Hawk posted:I believe it to be worth the peace of mind. Where does the peace of mind come from, versus paying it yourself?
|
|
#
?
Jun 25, 2018 00:26
|
|
|
Subjunctive posted:Where does the peace of mind come from, versus paying it yourself? I guess it's just simplicity rather than peace of mind. I pay one bill each month that includes the mortgage (P+I) insurance, and taxes. Also if taxes go down then you get a nice bonus check in August.
|
|
#
?
Jun 25, 2018 00:32
|
|
|
Cool for you all I guess! I’ve never heard of it up here.
|
|
#
?
Jun 25, 2018 00:33
|
|
|
Subjunctive posted:Where does the peace of mind come from, versus paying it yourself? Basically one check gets autopaid and I get to keep my home. (or at least the crumbled wreckage.) Taxes on the other hand there is no easy way to autopay it. If you miss the letter literally once a year you start accruing penalties. This as someone who could pay his property taxes in one fell swoop on demand. I think they're like $6500? 1% of 470k + special districts, bonds, etc.
|
|
#
?
Jun 25, 2018 00:39
|
|
|
Yeah, that’s some primitive poo poo. My taxes get autopaid every 4 months out of my chequing account. Elect better people, I guess.
|
|
#
?
Jun 25, 2018 00:57
|
|
|
Also, typically escrow is free, I've never heard of paying a cost for it (in california). The mortgage company probably pays any associated costs, because the lender loves that you're using escrow (it makes it much less likely that you'll miss insurance payments on the asset that is securing their loan). Also also it's basically impossible to compare homeowner's insurance rates. Every house is unique, your zip code matters, your neighborhood matters, they take into account things like distance to the nearest fire house, actuarial tables about the severe weather frequency, the cost of materials and labor has a huge effect on the replacement cost of your home, and, you know, your actual policy coverages vary and you can pick more or less coverage for a bunch of things! Like everyone posting what they're paying but not mentioning their deductible is not being helpful. The best and only real way to discover whether you're paying too much for insurance is to shop around. But aslo also also, Elephanthead posted:No one rates insurance companies by how easy it is to file and get paid for a claim but that is the only important thing. JD Powers explicitly does rate on that basis, as do several other ratings places like Consumer Reports, and it definitely is the most important thing. Insurance that fails you when you actually need a payout is worthless, so shopping entirely on price is stupid. Also get flood insurance if there's any chance your house could ever flood, and get earthquake insurance if you're in an earthquake zone, and make sure at least one of your policies covers fires caused by the earthquakes (I found out mine doesn't, if my house burned down due to a broken gas main after an earthquake neither my earthquake nor my homeowners policies would have covered it till I added that). And then shop those policy options around, while taking into account the fine print on every policy offered you, and now you see why people use insurance brokers.
|
|
#
?
Jun 25, 2018 01:48
|
|
|
H110Hawk posted:Impound account. It's frequently offered (and sometimes required) that you pay your lender money into impound and they pay your property taxes and fire insurance out of it. It's great and pretty much everyone who isn't rich should do it if available. Every month you pay around 1/12th the TI of PITI into it and they allegedly handle the rest. Once a year you true up. It means generally there is a bunch of money sitting there and I believe it to be worth the peace of mind. - sometimes (maybe always as its a standard loan form) the loving servicer gets to decide if you can cancel escrow, and some servicers are loving horrid - a lot of people are bad with money so it can helpful for those, smoothing of payments plus accruing as needed - you get interest on your escrow?!? Subjunctive posted:Cool for you all I guess! I’ve never heard of it up here. I believe my city allows monthly, quarterly, biannual, or annual payments. You get a discount (3%?) for annual, maybe for semi too (1.5%), I'm not going to go look. Less over head for the city makes a lot of sense as to why they charge more for more frequent payments - though you would hope it was fully paperless and automated by 2018, but I bet it ain't. There is no opt out for paper tax statements, for example, and I'm sure there is some manual stuff on the back end after they receive the ACH... SiGmA_X fucked around with this message at 02:34 on Jun 25, 2018 |
|
#
?
Jun 25, 2018 02:31
|
|
|
SiGmA_X posted:Where are you located? Its the norm in the USA. Ontario, Canada.
|
|
#
?
Jun 25, 2018 02:49
|
|
|
SiGmA_X posted:Couple addendums: Huh, I assumed interest was a national thing. I get 2% interest on mine in the peoples republic of California. It's better return than my savings account (1.6%), and for the timeline and risk factor on the money that is the appropriate comparison. (<= 1 year, guaranteed to need it within that time.) This makes it a no brainer for me to impound the money. Even if it was 0% I would still impound. I consider the value of automatic payment to be greater than the ~$100 I would earn in interest coupled with the worry over missing the bill. Right now the only bill in my life not on autopay is my housekeeper, and sometimes I forget to leave her a check. https://codes.findlaw.com/ca/financial-code/fin-sect-50202.html posted:A borrower shall receive at least 2 percent simple interest per annum on impound account payments covered by Section 2954.8 of the Civil Code . Servicer awfulness is certainly a thing. I've been generally lucky on that regard, only having minor issues with the one awful one I had (Cenlar / Central Loan Processing). None of them resulted in non-payment of my mortgage, taxes, or insurance. As for monthly/quaterly/etc payments I would consider those %'s a premium/penalty. The flat fee for your taxes is 100%, and paying monthly it's 103%, 4 times a year it's 101.5%, etc. Similar to something like life insurance where one payment per year is $500, four is $515, 12 is $600. (Numbers made up.)
|
|
#
?
Jun 25, 2018 04:21
|
|
|
H110Hawk posted:Right now the only bill in my life not on autopay Be very careful with that. I've had enough vendors start creeping bills up when on autopay that I'm convinced companies with just the wrong type of CFOs will see it as an oppotrunity to ratchet those customers. Now if you're saying you autopay on the other side......sending the payment from your checking account as opposed to setting the vendor up to pull them....that's different. And better. And I'm okay with that. But you absolutely should be watching your bills, and auto pay from the vendor side is just to easy to not pay attention anymore and get hosed. As one point I had $8/gal propane in my tank. I had to ask them exactly what is was made out of other than propane. (you didn't spend more than x per year, so your rate whet up and ......"seriously.....explain to me how this is ever okay".......silence. I'm sorry sir. "Come get your loving tank. You are done here." That's not the only one, it's just the worst one. And there is a whole story around that which ends up with me threatening to leave the tank in the middle of their parking lot if they tried to charge me a removal fee.
|
|
#
?
Jun 25, 2018 04:32
|
|
|
Has anyone heard of "Difference in Condition" insurance? We live on a mountain side with a bunch of extremely large boulders on the slope above us a good distance. Unlikely to move since they're really just sticking up out of the ground but still attached and not loose at all, but still a mudslide might be more of an issue one unlucky day. We're hundreds of feet above the nearest flood zone, and flood insurance wouldn't cover a mudslide/boulder situation because there is no stream or river up there of any sort from what I've read. "Difference in Condition" insurance would cover any issues with mudslides/boulders (and a bunch of other really bizare situations too) though supposedly? Everyone we've asked about it has never heard of it, I guess its specialty companies who offer it but we haven't looked too hard yet.
|
|
#
?
Jun 25, 2018 04:39
|
|
|
Motronic posted:Be very careful with that. I've had enough vendors start creeping bills up when on autopay that I'm convinced companies with just the wrong type of CFOs will see it as an oppotrunity to ratchet those customers. I am "that guy" who still gets paper bills. I read every bill that comes through my door. Frontier recently bumped my bill by $5? and I was on the phone the next bill unwinding it. Now it's -$1 from where it had hit equilibrium, plus 30 minutes of their phone jockey's time. All of my non-government/utility bills go to a credit card. When I get that paper bill I read every line on it and ensure it's the correct numbers I roughly remember from my last bill. I know where you're coming from, and most of the companies bank on just the scenario you described. Sadly we get negative choice in natural gas, electricity, and water here. Also:  at $8/gal bulk propane. Just think how many people didn't call and tell them to gently caress right off. It's $3.99/gal at the gas station here - less if you have a big tank to fill up on site.
|
|
#
?
Jun 25, 2018 04:41
|
|
|
My wife setup paper bills with autopay. She checks the bill, makes sure everything is copacetic, then sets it aside until payment clears and then she files it. Seems like the best route for autopay stuff.
|
|
#
?
Jun 25, 2018 04:54
|
|
|
Spoeank posted:My wife setup paper bills with autopay. She checks the bill, makes sure everything is copacetic, then sets it aside until payment clears and then she files it. Seems like the best route for autopay stuff. Once a year I lube up the shredder, pour a few fingers of booze, and go to town. 
|
|
#
?
Jun 25, 2018 05:02
|
|
|
Sock The Great posted:Also if taxes go down lmbo
|
|
#
?
Jun 25, 2018 05:22
|
|
|
H110Hawk posted:Once a year I lube up the shredder, pour a few fingers of booze, and go to town. Half the fun of having a fireplace is tossing old bills in there.
|
|
#
?
Jun 25, 2018 05:24
|
|
|
Spoeank posted:Half the fun of having a fireplace is tossing old bills in there. My inlaws kindled a fire in their fireplace with their mortgage when they paid it off. I plan to follow in their footsteps. We recycle the trimmings. loving hippies.
|
|
#
?
Jun 25, 2018 05:30
|
|
|
Well that's pretty legit WRT CA 2% escrow. I have 100% of everything on autopay and paperless, but I review 100% of bills monthly. And notices and poo poo. Paperless FTW.
|
|
#
?
Jun 25, 2018 06:49
|
|
|
Sock The Great posted:Yeah but no state income tax and very low property taxes. I'm paying income tax to two different municipalities because Ohio's municipal tax system loving sucks Panthrax posted:$751 at last year's renewal in the Cleveland area, 100+ year old house, $130k value. Have home and car with them. I don't remember what it started at ~4 years ago when I bought the place but Erie Insurance was the least expensive I was able to find. Hey cool, glad to know I'm in the same ballpark. Almost identical, hundred year old house, ~150k value. Main thing that sucks is that I pay two local income taxes, because my suburb doesn't participate in Rita, I work in another higher tax suburb. I know there's no apples to apples on insurance, just curious about general ballpark numbers. Technically I think price optimization (where insurance companies raise rates because they don't think people would bother switching) is supposed to be illegal in Ohio, but I wouldn't be surprised if it still happens to some degree under some other guise.
|
|
#
?
Jun 25, 2018 12:51
|
|
|
I'm super glad to not have an escrow. If I pay my taxes a couple months early I get a 4% discount rate, and I get an auto payment discount for my insurance which goes onto a credit card that gives me 2% back.
|
|
#
?
Jun 25, 2018 13:21
|
|
|
H110Hawk posted:Frontier recently bumped my bill by $5? and I was on the phone the next bill unwinding it.   I've summoned the beat by talking about it. This is the FIOS bill that just came in. No explanation why it's $5 more.
|
|
#
?
Jun 25, 2018 13:26
|
|
|
|
| # ? May 29, 2024 21:42 |
|
|
I’d pay an extra $50 a month for FIOS. Even at the new, mystery rate you’re still paying less than I do for Comcast’s lovely cable internet service. BRING ME FIBER YOU FUCKWITS
|
|
#
?
Jun 25, 2018 13:48
|
|