Posted on 08/28/2023 5:27:16 PM PDT by RomanSoldier19
Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy
Some skipping insurance say they are doing so because they can no longer afford the rising premiums. The national average for home insurance based on $250,000 in dwelling coverage increased this year to $1,428 annually, up 20% from 2022, according to Bankrate.
Others, particularly among the wealthy, say they have enough money saved to rebuild or move elsewhere should their home be destroyed.
(Excerpt) Read more at msn.com ...
One of the cheapest bills I have to pay. Not having the insurance seems foolish.
Most people dont know how to use insurance. They buy too much coverage, and have deductibles that are way too low.
If you have a mortgage, you are going to have to have insurance. So the very rich and the very frugal are the only ones that can attempt this stunt. And they shouldn’t bother to try to hit me up with a GoFraudMe.com effort when it doesn’t work out for them.
Some places the value comes from the land and the location, more than the actual house itself. No need to insure something you can’t lose.
“deductibles that are way too low.”
The wealthy can handle high deductibles and still get insurance for truly catastrophic outcomes—that is wiser imho than fully dropping the insurance.
On Guam I kept a $3500 deductible on our Home insurance. The house had concrete walls, and a concrete roof with ceramic floors. Nothing to burn or for termites to eat.
60% of USA home owners have a mortgage.
Usually, the lender makes home insurance mandatory.
Also, most mortgage free home owners consider their house to be their most important investment.
Why would they risk losing their home when they can get $250,000 insurance for $4 a day?
In Florida, homeowners insurance is sky high.
Florida houses probably should be build in firewall sections.
In Florida that is more like $30/day.
I have a fire extinguisher.
I also turn off the power when leaving home.
If I go on vacation, I will also turn off the water at the street backflow valve.
I don’t smoke and I don’t fry food.
In Florida, homeowners insurance buyers can be assessed to backstop the state-run insurer Citizens.
Buying homeowners insurance is a risky business.
good ideas!
That’s not fair. You’re thinking ahead. Which means you’ll get ahead. Which ,in turn, goes against equity. You probably don’t even look at your phone when you’re driving.
And insurance companies are bailing on their customer.
One large nationwide firm has been buying Google maps sattelite image data and sending “replace your roof NOW or we drop you” letters to anyone whose roof shows the slightest discoloration.
If you can’t afford your homeowners insurance, you’re living in a home that is above your budget. Sell and move to something smaller.
If you can’t do that, because you’re upside down, then just forget it. Let it go to foreclosure. Go live in a van down by the river.
It’s the inflation stupid. But . . .
I don’t believe the thrust of this story. Americans? Some Americans? A few?
Gonna go with “scour the land until you find a couple (idiot) Americans bailing.” An invented story. Just imagine what it would cost to rebuild a $250,000 house. Two or three times as much because . . . yes, inflation in the cost of building materials, labor, and so on. I’m going with the Freezer who said to cut back on the unnecessaries and make sure you have catastrophic coverage.
Jeez.
THE LAND & THE LOCATION is NEVER covered by insurance.
The cost to rebuild & housing during rebuild is covered.
MY phone is on the living room table-—
IMPOSSIBLE to look at it when driving. :) :)
ALL the Google Maps imagery I have seen is in black & white.
A family across the street from me had a house fire three years ago. There was enough damage to make it unlivable. They had two different policies on the house. Both insurance companies claim the other company should pay for repairing the damage.
The house is still vacant. One of the family members died. They still are unable to get either company to cover the damages.
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