Idaho insurance rates (shop, discount, farm)

[banjomike]

I got a nasty shock this month on my escrow mortgage account.

Property taxes have increased substantially on my home, as has my homeowner's insurance. Both are being covered by an escrow that's built into my monthly mortgage payments. They're estimated yearly.

Housing here went through the roof over the past few years. My home's evaluation brought my property taxes up, and my insurance went up because my home is now worth more than it once was.

I'm now 20 years into the mortgage. It was very close to the spot where it would save me a ton o' money to double my payments to shorten the term, and I've been planning to do just that.

Doesn't look like it will happen for a while though. Those 2 adjustments added $2,000 yearly onto my monthly mortgage payments. Ouch!

[nowhereman427]

Originally Posted by banjomike

I got a nasty shock this month on my escrow mortgage account.

Property taxes have increased substantially on my home, as has my homeowner's insurance. Both are being covered by an escrow that's built into my monthly mortgage payments. They're estimated yearly.

Housing here went through the roof over the past few years. My home's evaluation brought my property taxes up, and my insurance went up because my home is now worth more than it once was.

I'm now 20 years into the mortgage. It was very close to the spot where it would save me a ton o' money to double my payments to shorten the term, and I've been planning to do just that.

Doesn't look like it will happen for a while though. Those 2 adjustments added $2,000 yearly onto my monthly mortgage payments. Ouch!

Property taxes has increased substantially where?

Same thing happens here except there is a cap of how much property taxes can increase 1% which also affects homeowner rates to increase when value goes up $$.
It's the ups and downs of real estate values going up. Advantages and disadvantages of purchasing a home.

[banjomike]

Originally Posted by nowhereman427

Property taxes has increased substantially where?

Same thing happens here except there is a cap of how much property taxes can increase 1% which also affects homeowner rates to increase when value goes up $$.
It's the ups and downs of real estate values going up. Advantages and disadvantages of purchasing a home.

I haven't learned where the increases are yet.
They could be from the city, the county, and the state. And all 3 could have raised in a single event.
My accountant will know for sure; I know the state planned to raise some of the taxes, and city/county increase was probably due to tying the tax to the property evaluation.

My home's evaluation increased about 30% or more over the past 3 years. i have a homestead taxation cap on my mortgage, but the cap still floats with the base evaluation the city makes every 10 years.

Idaho Falls' growth demanded a new evaluation base, because so much former farmland now has subdivisions on it.

I'm glad I own an older home. I think the new house owners must be taking the biggest hit in this tax increase.

[UniversalTraveler]

Interesting. My Gooding Country property taxes went DOWN nearly $500 from the previous year. We also got into a reverse mortgage so it sure is nice no longer having a house payment. No kids or relatives so it made perfect sense for us.

[nowhereman427]

Originally Posted by banjomike

I haven't learned where the increases are yet.
They could be from the city, the county, and the state. And all 3 could have raised in a single event.
My accountant will know for sure; I know the state planned to raise some of the taxes, and city/county increase was probably due to tying the tax to the property evaluation.

My home's evaluation increased about 30% or more over the past 3 years. i have a homestead taxation cap on my mortgage, but the cap still floats with the base evaluation the city makes every 10 years.

Idaho Falls' growth demanded a new evaluation base, because so much former farmland now has subdivisions on it.

I'm glad I own an older home. I think the new house owners must be taking the biggest hit in this tax increase.

Idaho Falls does have new subdivisions popping up. The taxes those new homebuyers will pay will be alot.$$$$$$$$$$$$$$$$$$$

I would love to get a new home BUT not the NEW TAX RATE attached to the new home
You may also have some local assessments for schools, roads etc. Also whatever any new propositions voters might have enacted. The voters voted to increase the property taxes on your home in an indirect way.

Here we have creative taxes of which the government enact without the approval of voters.

[banjomike]

Originally Posted by nowhereman427

Idaho Falls does have new subdivisions popping up. The taxes those new homebuyers will pay will be alot.$$$$$$$$$$$$$$$$$$$

I would love to get a new home BUT not the NEW TAX RATE attached to the new home
You may also have some local assessments for schools, roads etc. Also whatever any new propositions voters might have enacted. The voters voted to increase the property taxes on your home in an indirect way.

Here we have creative taxes of which the government enact without the approval of voters.

The tax increase doesn't bother me nearly as much as my homeowner's insurance increase. It is over 1/2 of the increase, and only because my $112,500.00 house's replacement is now about $310,000.00.

The insurance co. was allowed to do that w/o my permission or OK. That's going to be discussed very soon with my agent.

[nowhereman427]

Originally Posted by banjomike

The tax increase doesn't bother me nearly as much as my homeowner's insurance increase. It is over 1/2 of the increase, and only because my $112,500.00 house's replacement is now about $310,000.00.

The insurance co. was allowed to do that w/o my permission or OK. That's going to be discussed very soon with my agent.

wHOA! $112,500 to the increase price of $310,000 is substantial.

[volosong]

Originally Posted by dogsmusicpizza

That’s remarkable given that I have a 2005 focus, with only liability, and the minimum of Idaho-required uninsured coverage.
And your cost is only about 100 more than mine each six months. I definitely need to shop elsewhere. Probably try mercury. I never thought Geico Would be gypping me.
Thanks for replying with your specific case

Re: the bold text above... I've had Mercury since the second year I was driving a car, started with them in 1975. Continued with them because nobody else came close to the rate Mercury quoted. Upon retirement, and moving from SoCal to NID, I wanted to stay with Mercury because they have been so good to me, but was informed that they do not underwrite in Idaho. After forty-three years with Mercury, I had to go with someone else. (I've been with USAA since coming to NID.)

Please let us know if you are successful getting automobile insurance in Idaho from Mercury.

[nowhereman427]

Originally Posted by UniversalTraveler

Interesting. My Gooding Country property taxes went DOWN nearly $500 from the previous year. We also got into a reverse mortgage so it sure is nice no longer having a house payment. No kids or relatives so it made perfect sense for us.

At one point in time I was in the "upside down" situation on the house where I owed much more money on the loan of the house than what the house was worth. So if I had walked away as they say or sell the home, I would still owe on the house. That is when the tax accessor lowered my taxes during that time because the value of the home went way down. Now things have gone the opposite way.
Luckily our taxes can only go up so much per year (a big plus) wheras other states i.e. Washington PNW can go up as high as 30% I heard in a year. This displaces alot of homeowners if you want to call them that at that point. Different states with different property tax rules/ordinances/assessments where you end up paying $$$$ one way or another.

[nowhereman427]

Originally Posted by volosong

Re: the bold text above... I've had Mercury since the second year I was driving a car, started with them in 1975. Continued with them because nobody else came close to the rate Mercury quoted. Upon retirement, and moving from SoCal to NID, I wanted to stay with Mercury because they have been so good to me, but was informed that they do not underwrite in Idaho. After forty-three years with Mercury, I had to go with someone else. (I've been with USAA since coming to NID.)

Please let us know if you are successful getting automobile insurance in Idaho from Mercury.

Does State Farm Ins. cover your area? This company has reasonable rates unlike Geico, Triple AAA.