NC and SC Insurance(s) and Taxes?

Steve Barrett

Member
Oct 13, 2017
30
Chesapeake Bay, Edgewater, MD
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First, thank you for taking the time to answer all my questions.

I am retired and ready to move south. Original plan was to move to the FL gulf coast but everything is so expensive, real estate, all the additional insurances you need on your property due to the hurricanes, and boat insurance (if you can even get coverage).

My questions are, do you guys in the Carolinas have the extra flood and wind insurance requirement. Is the cost of boat insurance getting insane? Are the insurance requirements different between the costal area vs. the lakes?

How about taxes? I believe the real estate property taxes are affordable but heard the Personal property tax for you boat can get expensive.
 
I live in Beaufort, SC. First the boat. I pay $1600 a year insurance for a 44’ bridge boat with replacement value of $155,000. Insurance has clause that says I have to stay north of FL (St Marys River) June 15 - Nov 1. But they cover me there during that time if I call them and give them the dates and the weather forecast is good. Personal property tax on the boat is about $1400 per year. It’s based on millage of 6% of the property value of the boat, if it qualifies as a second home. If it’s a trailer boat with no living quarters, then the annual personal property tax is the millage based on 10.5% of the boat value.

For the house, I buy wind and hail insurance. I don’t have to because I don’t have a mortgage. If you have a mortgage they will require it. I pay about $1200 a year for it. I do not choose to buy flood insurance. It’s very restrictive to only a rise in the water table. Many folks around here were denied payment after flooding from Hurricane Matthew and are still spending time in litigation trying to get payment. I am built on an old sand bar that is quite a bit higher than the rest of the area. It’s about $500 a year. Personal property tax on the house is about $1700 a year. It’s based on millage on 4% of the property value.
 
Inland there is no requirement for wind coverage. Standard HO insurance covers it. I pay $1,000 per year for my boat on Lake Norman with an agreed value of $145,000. Taxes in NC vary depending on location where the boat is stored. About $1,000 for me.
 
Inland there is no requirement for wind coverage. Standard HO insurance covers it. I pay $1,000 per year for my boat on Lake Norman with an agreed value of $145,000. Taxes in NC vary depending on location where the boat is stored. About $1,000 for me.
I’m with Jim, $650 a year with Progressive through USAA, agreed value 65K, $500 taxes, told them the boat was a train wreck, PO left the sell price blank. If the tax man comes looking I’ll have some “splaynin” to do.
 
First, thank you for taking the time to answer all my questions.

I am retired and ready to move south. Original plan was to move to the FL gulf coast but everything is so expensive, real estate, all the additional insurances you need on your property due to the hurricanes, and boat insurance (if you can even get coverage).

My questions are, do you guys in the Carolinas have the extra flood and wind insurance requirement. Is the cost of boat insurance getting insane? Are the insurance requirements different between the costal area vs. the lakes?

How about taxes? I believe the real estate property taxes are affordable but heard the Personal property tax for you boat can get expensive.
Hey Steve, I just re-read you post and want to give you my .02 worth and can’t speak for the coastal folks, I live in Huntersville just south of the lake, our marina is in Cornelius about 10min away.

House:
Flood insurance, only mandatory if you live in a 100 year flood plain, we are three houses up from the bottom of our cul-de-sac and no exaggeration our house is 90’ higher than our neighbors at the bottom. They are required to carry it we are not. $900 more a year if we opted in.

Wind/Hail covered in our policy, USAA $1870, house value 400K, keeps going up because they are putting in crazy expensive neighborhoods around us. Like 600K+

Boat:
Insurance, $650 a year, 65K agreed replacement value, Progressive through USAA, marina requires 500K total liability coverage. Progressive provides the satisfactory documentation.

The “lake” doesn’t actually require insurance, if you get stopped by the PD, (depends on where you get boarded, there are three different counties patrolling their sections, no CG on Lake Norman) you won’t get asked for proof of insurance just the standard safety, sobriety check. On a side note unless you’re the nail sticking up out of the deck that everyone stubs their toe on and needs to get hammered back in, you won’t get stopped. One last thing about the Lake, if your boat is equipped with a macerator/overboard waste discharge option, mine does, it needs to be: seacock closed, sealed…zip lock acceptable… and the handle removed or a big fine can ensue. Just FYI

Taxes, a touch less than $500, PO left the sell price blank so I fudged a number. If they come look at the boat I’ll deal with it then.

Hope this helps.
Jon
 
Live on the coast of NC right in hurricane alley, in a lovely little flood zone.

Boat insurance is $1700/yr, with a value of $190k and the boat lives in the water.

House insurance is $800 for general
house coverage plus $3500 for wind and $700 for flood per year.

property taxes are?? I don’t know. The wife handles those
 
I live in Beaufort, SC. First the boat. I pay $1600 a year insurance for a 44’ bridge boat with replacement value of $155,000. Insurance has clause that says I have to stay north of FL (St Marys River) June 15 - Nov 1. But they cover me there during that time if I call them and give them the dates and the weather forecast is good. Personal property tax on the boat is about $1400 per year. It’s based on millage of 6% of the property value of the boat, if it qualifies as a second home. If it’s a trailer boat with no living quarters, then the annual personal property tax is the millage based on 10.5% of the boat value.

For the house, I buy wind and hail insurance. I don’t have to because I don’t have a mortgage. If you have a mortgage they will require it. I pay about $1200 a year for it. I do not choose to buy flood insurance. It’s very restrictive to only a rise in the water table. Many folks around here were denied payment after flooding from Hurricane Matthew and are still spending time in litigation trying to get payment. I am built on an old sand bar that is quite a bit higher than the rest of the area. It’s about $500 a year. Personal property tax on the house is about $1700 a year. It’s based on millage on 4% of the property value.

You reference "millage" on x%, what does that mean? I get the percentage piece, but why are you saying "based on millage", I don't see the reference?
 
First, thank you for taking the time to answer all my questions.

I am retired and ready to move south. Original plan was to move to the FL gulf coast but everything is so expensive, real estate, all the additional insurances you need on your property due to the hurricanes, and boat insurance (if you can even get coverage).

My questions are, do you guys in the Carolinas have the extra flood and wind insurance requirement. Is the cost of boat insurance getting insane? Are the insurance requirements different between the costal area vs. the lakes?

How about taxes? I believe the real estate property taxes are affordable but heard the Personal property tax for you boat can get expensive.

Almost cheaper to stay right here where you are. That's what I came up with when I was looking into a FL condo.
 
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I would stay where you are. It is really never less expensive, they just get you differently. In NC we have sales tax, personal property tax (yes the boat is PP and hits every year), insurance is less than FL but any income tax including retirement is a 5% charge. The only people that seem to want to move here are dang democrats from NY and luckily they want to be inland, but they keep messing this state up by driving taxes higher.
 
Property taxes can vary - higher in places like Charlotte, Raleigh, coast lower in rural areas. Personal property tax is applied to boats, cars, airplanes etc. It is based on the county the boat is located - not necessarily where you live and is assessed based on the value of the boat and ownership as of Jan 1 each year.
 
You reference "millage" on x%, what does that mean? I get the percentage piece, but why are you saying "based on millage", I don't see the reference?
The millage rate is the number of mills levied on taxpayers to meet each district budget. One mill equals 1/1000 of a dollar. Here it is for my boat.
79B2F626-45C5-4245-BDD6-DCEDCBD5C725.jpeg
 
I would stay where you are. It is really never less expensive, they just get you differently. In NC we have sales tax, personal property tax (yes the boat is PP and hits every year), insurance is less than FL but any income tax including retirement is a 5% charge. The only people that seem to want to move here are dang democrats from NY and luckily they want to be inland, but they keep messing this state up by driving taxes higher.
Ok so this is tongue in check and from “Days of Thunder” to your “they keep messing up this state up” I’m a no one, from CA grew up in Lakewood and spent most of my USN days in San Diego, moved here in 2000 because the Queen wanted to stay home with twins 2A and 2B. However comma that being said my family tree starts in Bladen county NC 1785 if that makes a difference. ;)
 
The millage rate is the number of mills levied on taxpayers to meet each district budget. One mill equals 1/1000 of a dollar. Here it is for my boat.
View attachment 119479

Thank you, strange terminology from what I am use too. That sucks you need to pay tax on your boat (and the rest) every year. One of the reason's I chose MD instead of VA a few years ago.
 
Thank you, strange terminology from what I am use too. That sucks you need to pay tax on your boat (and the rest) every year. One of the reason's I chose MD instead of VA a few years ago.
MD here too, property taxes ain’t cheap $3400 year on single family home. But VA hits you on taxes for cars, boats, the outhouse, the wife’s dildo, etc.
MD is one tax. That’s it. You really think you going pay cheaper elsewhere, no, it’s nickel and dime you.
Example- I got friends in FL pay crazy money every month for water , crazy money. We pay $30 every 3 months.
 
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MD here too, property taxes ain’t cheap $3400 year on single family home. But VA hits you on taxes for cars, boats, the outhouse, the wife’s dildo, etc.
MD is one tax. That’s it. You really think you going pay cheaper elsewhere, no, it’s nickel and dime you.
Example- I got friends in FL pay crazy money every month for water , crazy money. We pay $30 every 3 months.

I use to live on Long Island and the property tax was 16K for 1/3 acre. Here in MD, I pay 4200 for 1-1/3 acre. Except the water in NY was ~75 for three months, here it averages 350-400 for 3 months. Welcome to the eastern shore of MD and QAC.
 
I use to live on Long Island and the property tax was 16K for 1/3 acre. Here in MD, I pay 4200 for 1-1/3 acre. Except the water in NY was ~75 for three months, here it averages 350-400 for 3 months. Welcome to the eastern shore of MD and QAC.
Wow! What is QAC? That cost is nuts. Just over a bridge and it’s >10 times as much for water!
 
Ever try Melvin’s in Elizabethtown? Used to skip school and get lunch there all the time.
 

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