Homeowners insurance (Maricopa: house, income, property taxes)

[texas7]

Debating on retiring in Arizona where we have family or staying in Texas. Property taxes are insane here BUT we don’t have a state income tax so it probably all works fairly even out in the wash. Homeowners plus flood insurance is also climbing fairly quick here as well. But on average, what does homeowners insurance run annually for you in maybe an 1800-2200 sq. foot home?

[KurtAZ]

Ours goes through our Escrow account but I think it is around $1700 on a 2600sqft insured for replacement value of $560k. Property taxes are around $2800.

[texas7]

Thank you. Homeowners on a similar sized home in Texas varies between $2500 and $4700 annually given the replacement value. And, another $1100 annually for flood insurance. Property taxes are $9-10k before homestead exemptions and over age 65 if applicable. Those will drop the tax amount to about $7k.

[wit-nit]

Our 2000 sq. ft. house taxes are $2200. Insurance $1160.00

[Ponderosa]

Originally Posted by texas7

Thank you. Homeowners on a similar sized home in Texas varies between $2500 and $4700 annually given the replacement value. And, another $1100 annually for flood insurance. Property taxes are $9-10k before homestead exemptions and over age 65 if applicable. Those will drop the tax amount to about $7k.

Arizona income tax is 2.5% flat rate. So $2500 per $100,000 of taxable income. Those insurance and property taxes sound like Texas is a more expensive place to live (tax wise) even without an income tax.

And it is not typical for a home to need flood insurance here thanks to decades of enforcement of floodplain regulations in Maricopa County (and other counties).

[Ex New Yorker]

Originally Posted by texas7

Debating on retiring in Arizona where we have family or staying in Texas. Property taxes are insane here BUT we don’t have a state income tax so it probably all works fairly even out in the wash. Homeowners plus flood insurance is also climbing fairly quick here as well. But on average, what does homeowners insurance run annually for you in maybe an 1800-2200 sq. foot home?

Ours property taxes are $2049 for a 2000 sq. foot home. Sometimes it goes up other times it goes down. Overall it's been pretty steady with no wild swings. Homeowners insurance obviously is going to vary based on the value of your home and where it's located.

[PrinceHowell]

I recently moved from Texas to Arizona myself, so I totally get where you're coming from. The whole homeowners insurance dilemma is no joke, right? I've found that it really varies depending on where you are, the age of your home, and a bunch of other factors. But if you're looking for the best homeowners insurance, it's worth doing some serious shopping around. I've found that some companies offer better deals depending on your specific needs and the area you're in. Plus, if you're considering flood insurance, that's a whole other can of worms. It's wild how quickly those premiums can creep up, especially with the weather getting more unpredictable. All in all, it's definitely a tough decision to make.

[teddyearp]

Originally Posted by texas7

Debating on retiring in Arizona where we have family or staying in Texas. Property taxes are insane here BUT we don’t have a state income tax so it probably all works fairly even out in the wash. Homeowners plus flood insurance is also climbing fairly quick here as well. But on average, what does homeowners insurance run annually for you in maybe an 1800-2200 sq. foot home?

Realize this. In retirement, the amount of your income that is still taxable is reduced somewhat, as is all your income for most folks. That leaves less income to be taxed by income tax, but no income increases to keep up with the homemoaners (pun intended) insurance and property tax increases.

[MySailor81]

Considering retirement in Arizona or Texas. Make a pros and cons list for each place, including factors like property taxes and homeowners insurance, to help you decide.

[uaeebs86]

You need to bump your deductibles as high as you can and treat homeowner's insurance as catastrophic insurance only. Don't file claims for small things - pay out of pocket as much as possible.