In a recent post I summarized an article about appealing your property assessments. One reader wondered what implications a successful appeal might have on his homeowner’s insurance coverage. In another article I had commented on the importance of married couples using joint financial accounts wherever possible. A reader wrote to say that even though many of her married friends have combined accounts, it’s usually one person in the marriage who handles the finances. That can leave the other spouse uninformed or ill-prepared to deal with the finances.
Apparently, a successful appeal of your property taxes would have no impact on your homeowner’s insurance. My agent told me they do not go by assessed value. They have their own computer models and use different inputs. In addition, assessed value includes the land, whereas insurance covers the structure and its contents. As for the other story, I agree about the need for both spouses to be on the same page financially. I encourage couples to hold monthly “board of directors” meetings to go over the family’s finances–looking at how actual spending from the past month compares with planned spending, discussing any needed changes, deciding on goals, and more.