May I ask if the money Allstate reimbursed you added up to more than all the money you’ve paid them over the years? I’m not challenging you, I’m just wondering if it’s still a better deal than simply saving your money and paying for it yourself.
No, it didn't. If it had happened the first year of the policy, it would have. 30 years down the road, they've made money off of me. Life insurance companies have made a lot more off of me. And I'm glad about that.
Thing is, I insure not just for the roof, skylights, and some ancillary damage. Yes, I would have been able to pay that out of retirement savings. But a catastrophic loss (fire or tornado) is what I'm insuring against. And if either of those ever happened, yes, I'd be well ahead on the deal.