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How much home insurance & tax for a cheap studio?

Jul 22, 2009 by me | Posted in Renting & Real Estate

Q: I differentiate 0 about this: are home insurance rates annual or monthly? Could someone give me just a very rough idea about how much a cheap studio's home insurance & tax would tariff? (in upstate ny)

A: I don't grasp about New York but about how insurance works I can give you the 411.
Alright, based on the rates set by the Insurance Commission of your state the price will be set.
Here in NC, a home for, let's say $150,000 in coverage (coverage is the replacement of the home, your slighting property, any other structures, liability, and med pay). If you are buying a studio apartment then it will usually wrap the personal space, loss of use if ever damaged or destroyed - helps pay for a place to charged for a while, personal possessions, liability - helps if you are ever sued for neglegence or detrement of integrity, and med pay.
Most insurance companies will allow monthly, quarterly, or yearly payments. If you have a mortgage partnership, most mortgage companies will have a way where your insurance and tax bill can be included into you monthly payment. Here is an example of what a condo game plan in my state looks like...........
$250,000 home
Replacement cost $285,000
Replacement of contents $71,250 (this can be negotiable)
Other structures $28,500 (storage buildings/watersheds)
Vulnerability $300,000
Medpay $1000 (incase someone is hurt on your prpty)
Deductible $500 (your part incase of any wasting)

Total premium average is around $650 per year

Call around and get some estimates. They will want on a par footage, bedrooms, bathrooms, entrance, exits, emergency exits, what piece it is on, any renovations such as electrical and plumbing within the last 15yrs, how many person that will live in the home, and any pets and what type.
When it comes to tax, look for the website for your townsman tax office. Your county tax office will usually have a website that may have a tax estimator for the type and pay for price of your studio. If not, they can give you an estimate over the phone. Best to have an idea of how much you are going to securing the studio for before you do. If you are renting then you will not need any of this unless stated in the contract.
Good fortuity and sorry I couldn't be of more help.

If me and my friends rent a home, at say, $900 a month, do we have to pay for home insurance or property tax?

May 15, 2008 by keitae06 | Posted in Renting & Real Estate

Q: I suppose it depends on the owner, right? but we just wanted to pay the rent and whatever utilities that we may use..not the homeowners insurance, property taxes, and the rest of that stuff

A: As far as utilities, it depends on the pact you sign with the landlord.

Landlords are responsible for insuring their property (building). As far as renter's insurance for your critical possessions, that's up to you.

The property owner is also responsible for the property tax. Why would an owner give the tenants so much power and jeopardize having the county place a lien against the property due to non payment of property taxes?

Can we take deduction of home insurance premium on tax return?

Feb 17, 2008 by sunilwalvekar | Posted in United States

Q:

A: You can take a result for PMI only if you took out the mortgage in 2007.

Mortgage Insurance Premiums Treated as Home Mortgage Interest

You may be able to nurse mortgage insurance premiums you paid during 2007 as home mortgage interest. The mortgage insurance must be paid in union with home acquisition debt, the mortgage insurance contract must have been issued after 2006, and you must have paid the premiums before 2008 for coverage in carry out during 2007. You can deduct mortgage insurance premiums on Schedule A (Form 1040), array 13.

Limit on deduction. If your 2007 adjusted gross income on Form 1040, occupation 38 is more than $100,000 ($50,000 if your filing status is married filing separately), the amount of your mortgage insurance premiums that are otherwise deductible is reduced and may be

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