Taxes and Insurance Key West FL

Taxes and Insurance Key West FL

Taxes are generally a little more than 1% annually of the assessed value of the property.  The assessed value is generally close to the fair market purchase price.  If the purchase price is below market value it's possible that the annual price of the property taxes could be higher because the tax appraiser's fair market value is higher than the purchase price.  

In Monroe county the lowest price range for a home would be in the $350,000 price range give or take $100,000.  The average price of a home (2011) is $437,000 in Monroe county. Depending upon the year that a home was built and materials used a home can qualify for a discount of up to 82% on their insurance policy.

To be clear, I am a real estate agent and not an insurance agent.  From my experience as a Realtor the annual price of an insurance policy is going to depend upon the home.  The least expensive insurance policy that I recall was approximately $130 per month for all 3 (typically) required policies.  This extraordinarily low premium was for a 2006 modular home.  Modular homes are not mobile homes.  Modular homes are built in a controlled atmosphere to exacting standards and have hurricane wind ratings.

If a home is a ground level concrete block or ground level poured concrete the least expensive total of the 3 insurance policies that I have seen was between $4,600 to $4,900 per year.  The homes with insurance in this price range had class A hurricane shutters and a metal roof with roof clips and tie downs and received up to a 42% discount on their insurance premiums.  The insurance discounts are obtained through mitigation credits.  If a roof does not qualify for mitigation credits the insurance will be more expensive.  If the roof is flat the insurance will be more expensive.

If the home is a stilt home (on tall pillars) the home insurance will be lower.  If the stilt home is a modular stilt home built after 2006 the insurance premiums will likely be the least expensive that a buyer will find.  If the stilt home is a frame home the insurance will be more expensive.  If the stilt home is concrete block or poured concrete the insurance premiums will be more expensive.

In Monroe county mortgage underwriters require 3 insurance policies unless the home is in what is called an "X flood zone."  There are 2 types of X flood zones.  If a home is in an X flood zone the land has never flooded and experts who statistically predict risk do not believe that the land will ever flood.  A home in an X zone mortgage underwriters do not require a buyer or homeowner to have flood insurance.

Purchasing a home in an X zone would mean that a buyer or homeowner would only be required to purchase 2 of the 3 insurance policies that mortgage underwriters require.  Not purchasing a flood insurance policy could, in my experience, save a buyer or homeowner with a stilt home that does not have an 'enclosure,' also known as a ground level storage area below a stilt home, at the lowest purchase price in our area $350 annually.  Not purchasing a flood insurance policy, in my experience, for a ground level concrete home, at the lowest end of the price range, could save a buyer or homeowner approximately $2,000 annually on a flood insurance policy.