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Must be bidenomics

In 09 State Farm (mortgage) home owner ins. TRIPLED (Roughly) our ins went from $1,800 year to $3,600, so I thought if I pay the house off I can shop around and get better rates so I paid $14+K for a pay off, only place that would get it back down to the $1,800+ was Citizens, been paying between $1,800+ to $2,00+ since '09 so $27K - $30K, NO Claims Ever from 1987, if we get hit by a Hurricane I have to pay $8,500 Deductible, $2,500 for non Hurri related So this year when renewal comes along I'm Cancelling, putting $8,500 in the bank to start our own Ins. Fund and pay into it every year but probably more often rather than Giving it away to an insurance company
 
Not getting insurance is one thing if you have built your own fund out of the proceeds you would have paid to them originally, but insurance covers much more than just the house. It covers loss of use (they fund you to live someplace else while it's being rebuilt), all your personal belongings are covered, and then there's the cost increase on materials over the years. Consider this, if you had to rebuild your house now, don't you think St. Pete building would force you to comply with updated regulations to bring everything up to code? I promise you it'd be a nightmare. One of my clients lost their home (60% destroyed) and he's on year 3 waiting for building permits and the county to approve his plans to rebuild. He bought the place in 2005 for $600k, and it's valued at over $3 million, and the cost to rebuild will surpass $4 million. His insurance company has been paying for the condo he's staying in for the past 3 years. His out of pocket will be about $300k for upgrades, but when finished, it'll be worth more than $5 million. He plans to finish it and then sell it, buying something smaller and away from the water.
 
kmakar said:
Not getting insurance is one thing if you have built your own fund out of the proceeds you would have paid to them originally, but insurance covers much more than just the house. It covers loss of use (they fund you to live someplace else while it's being rebuilt), all your personal belongings are covered, and then there's the cost increase on materials over the years. Consider this, if you had to rebuild your house now, don't you think St. Pete building would force you to comply with updated regulations to bring everything up to code? I promise you it'd be a nightmare. One of my clients lost their home (60% destroyed) and he's on year 3 waiting for building permits and the county to approve his plans to rebuild. He bought the place in 2005 for $600k, and it's valued at over $3 million, and the cost to rebuild will surpass $4 million. His insurance company has been paying for the condo he's staying in for the past 3 years. His out of pocket will be about $300k for upgrades, but when finished, it'll be worth more than $5 million. He plans to finish it and then sell it, buying something smaller and away from the water.
Click to expand...
Maybe dropping ins isn’t a good idea then, ours is around $2K a year not financing, biggest reason we’ve kept ins is the Oak trees over the house
 
And I just remembered my accountant dropped ins when she paid her home off, 2 years later an Oak tree fell on it doing about $10K in damage that she had to cover, a few yrs ago an Amazon driver driving his own car ran into her block home knocking a wall loose along with a lintel over a bath window, broke plumbing pipes and knocked the electric panel loose from the wall around the corner, Amazon is Very shady about this stuff as the car drivers auto ins only wanted to pay $5K of his $10K in ins, $30K+ in damages but after about 1 year Amazon paid for damages, when that accident happened the driver for Amazon called someone, another driver came there and picked up his packages and told the guy to take off his Amazon vest but by that time she had a video of the Amazon driver
 
No insurance is fine until someone slips & falls and sues your ass. It’s a tough pill to swallow but it’s one of those things that you hope you never need but if you do you are glad you have it.
 
My FIL owns an insurance agency, and he said premiums are going up across the board. I haven't seen mine yet, but his warning doesn't give me a good feeling.
 
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