2 Responses to “How Much Home Insurance & Tax For A Cheap Studio?”

1. Karma of the Poodle Says:
   February 19th, 2010 at 11:05 am

   I don’t know 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 personal property, any other structures, liability, and med pay). If you are buying a studio apartment then it will usually cover the personal space, loss of use if ever damaged or destroyed – helps pay for a place to live for a while, personal possessions, liability – helps if you are ever sued for neglegence or detrement of character, and med pay.
   Most insurance companies will allow monthly, quarterly, or yearly payments. If you have a mortgage company, 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 policy 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)
   Liability $300,000
   Medpay $1000 (incase someone is hurt on your prpty)
   Deductible $500 (your part incase of any loss)
   Total premium average is around $650 per year
   Call around and get some estimates. They will want square footage, bedrooms, bathrooms, entrance, exits, emergency exits, what story 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 local tax office. Your county tax office will usually have a website that may have a tax estimator for the type and purchase 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 purchase the studio for before you do. If you are renting then you will not need any of this unless stated in the contract.
   Good luck and sorry I couldn’t be of more help.

2. Wefwf Says:
   February 19th, 2010 at 12:19 pm

   Hi,
   I don`t know for sure, but the best way to find this out is just to get a quote
   you might even get a free quote – try it here: http://www.happyinternaut.com/insurance – they offer VERY affordable prices and have extremely good services.
   Good luck!

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