home owners insurance? or do u only havr to pay that when you have a mortgage?
2007-01-27 16:23:38 · 16 answers · asked by beach_babe971 1 in Business & Finance ➔ Renting & Real Estate
You only have to pay property taxes after you have paid the house off. My parents own two such properties (and is currently trying to sell one). All they owe on the these properties is the tax.
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2007-01-27 16:29:34 · answer #1 · answered by Ellie W 3 · 0⤊ 0⤋
Yes you still have to pay taxes on it. If you don`t you will be renting again, as the County will sell your house for back taxes.
You must pay Insurance on the house if you have a mortgage on it, That will be one of the stipulations when you get the loan.
Your Taxes and Insurance may be figured in to you house payment it you have a mortgage. But you are paying it.
After the mortgage is paid off you should continue the insurance, but have the loss be payable to you not the loan Company.
A Home Owners Policy is the best way for you to insure your house and personal property. . It is however possible to buy a Fire and Windstorm, and a Liability Policy, this does not cover the contents or your personal property. So you would need to purchase a separate policy for personal property.
Many years ago the Insurance Companies and the State Insurance Comm. got to gather and decided a Home Owners Policy would cover all and for a less cost to you.
Again after the loan company is paid off there is no law that you must have insurance. I would suggest that you do. Most people consider it a necessity.
2007-01-27 16:45:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. You don't have to pay the taxes. Of course, the government will come and take your house away, but that's okay. At least you don't have to pay taxes.
No. You don't have to pay for insurance. After all, you don't have to worry about anyone coming after you looking for their money if the house burns down. If you're willing to accept that if there is a fire, flood, etc., or someone is hurt on your property or by a tree falling from it, you lose the house altogether and still may have to pay additional money out of pocket to minimally fix the situation, than go without insurance. Sure!
2007-01-27 17:16:32 · answer #3 · answered by CJKatl 4 · 0⤊ 0⤋
Yes that is called property tax and Home Owners Insurance
2007-01-27 16:27:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
in case you probably did no longer take out a private loan, then there's no very own loan. you're asserting you are going to purchase each and all the supplies build completely your self or pay others to construct, plumb, installation electric powered, get inspected, etc. completely in funds without loans? Then no, you does no longer have a private loan presented you very own the valuables and the valuables grew to become into additionally offered in funds (no very own loan). If there's a private loan in there everywhere, then definite, of direction you would be paying a private loan. to no longer sound sophomoric. yet while i'm information your question wisely, then it is how i might answer it. You do, on the different hand, ought to pay taxes whether there's a private loan or no longer. So determine those in on your month-to-month costs.
2016-09-28 02:14:47 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If your house is mortgage free, insurance is optional, but you really should have insurance otherwise, you stand to lose up to 100% your investment. (i.e.fire) and you really should have liability insurance. If someone hurts themselves on your property and you are deemed liable, not only can they Sue you for your house and whatever other assets you have, but depending on the circumstances, you could end up with garnished wages for the rest of your life. You will always have to pay taxes.
2007-01-27 16:36:26 · answer #6 · answered by mld m 4 · 0⤊ 0⤋
yes unfortunately you still have to pay taxes. Home owner insurance isn't required but is good to have when you have your own house. Home owners insurance can be purchased later.
2007-01-27 16:30:04 · answer #7 · answered by ben27hernandez 2 · 0⤊ 0⤋
Yes, you still have to pay taxes and home owners insurance.
2007-01-27 16:34:31 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Oh yeah, taxes and insurance. Taxes pay for schools and such in the county and insurance covers any damages or suits against the property.
2007-01-27 16:28:38 · answer #9 · answered by highkvp 2 · 0⤊ 0⤋
You have to pay property taxes as long as you own the house.
You don't have to pay for home owners insurance if it's paid off, but you'd be crazy not to.
2007-01-27 16:31:00 · answer #10 · answered by diannegoodwin@sbcglobal.net 7 · 0⤊ 0⤋