Well, in the case of my wife and I, that point it right now. We just paid off our home and have given the whole home insurance industry the boot. We're looking at a liability policy and that is all.
After hurricane Ian, despite having the home insurance mandated by Wells Fargo, all we got from UPC was $2,500 on damages that are, to date, over $30K in damages, and we're not done yet. Now UPCs open cases, ours included, have been handed over to FIGA, a state agency, where it will slowly vanish into oblivion.
When you think about it, with the ever-increasing costs of everything from concrete to plywood, combined with the continued buildup of population in this state, much of it right in harm's way on the coastlines, insurance rates can't hope to meet a big costs every time a hurricane busts things up. It doesn't compute.
We have done some checking and the only way to get a decent policy at this time will more than double our annual payment, to over $10,000. Forget it. We'd rather take our chances and self-insure, since that's what we have ended up doing anyway. This is just bowing to reality.
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