Other than liability, I’m not so sure I see the financial benefit to homeowners insurance anymore if you paid cash for your home. In many circumstances the home makes the property worth less. Set aside $500 a month in a fund earning interest and dividends to cover unanticipated loss events.
Set aside $500 a month in a fund earning interest and dividends to cover unanticipated loss events.
What are the names of such funds if you don't mind my asking?
$500 a month even in a good mutual fund over 15 years won’t replace a house and all its contents.
Exactly what I am doing. Hurricane Helene knocked a few shingles off from roof. In my younger days I would easily repair it myself. At age 84, and with good assets in my name, I had a roofer do it for $1050. I dropped home insurance a few years back. Money saved on insurance will pay lot of repairs. I am not in Flood zone anyway.