Tag: property taxes

Mortgage Mayhem: How a 50% Home Insurance Rate Jump is Stressing Finances

Angela Linders
Home Insurance Rate Jump

Are You One of the 50%? Understanding Your Essential Escrow Account Escrow accounts are pivotal in managing the financial responsibilities associated with homeownership. Despite their importance, a survey by LERETA reveals that only about half of the homeowners with an escrow account completely understand how it functions. This lack of comprehension is concerning, especially since these accounts are essential for paying property taxes and insurance premiums. Escrow accounts are commonly required for mortgage holders with less than 20% equity in their homes and are mandatory for federally-backed FHA loan borrowers.…

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The cost of homeowners insurance and taxes forces “Extreme Makeover” family to sell

Julie Campbell
cost of Homeowners Insurance

The lucky family that received free home rebuild after their previous residence has now listed the property. A family that was given a “Extreme Makeover” for their house after Hurricane Ike had destroyed it, has now put the Houston residence up for sale because they are unable to continue to afford the cost of homeowners insurance coverage and the taxes. Moreover, they have been forced to drastically reduce the list price because of the struggling real estate market. Home buyers who will be able to afford the taxes and the…

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Homeowners insurance worries place significant strain on Floridians

Julie Campbell
Homeowners Insurance credit score

Residents of the state are more worried about coverage than taxes. The rising cost of homeowners insurance is an increasing political liability among lawmakers in Florida, as the results of a survey have now been released that shows that financial concerns over this coverage are now much greater than those regarding property taxes. The state’s residents have been seeing a tremendous spike in their coverage rates in recent years. The annual survey was performed by Leadership Florida, and its results were just released. They showed that 46 percent of people…

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