[USER]

My house is paid off, no mortgage so I don’t really need to have insurance. I am in Florida and is so hard for the insurance company to pay any claims now because there have been so many ilegal claims before and the law recently changed. I’ve never had any claims ever. I heard some people get fire and contents insurance only.

My house is 20 years old and my roof is 20 years old. I’m planning in doing my roof in a couple of years. I just had an inspection and is in perfect condition.

Please let me know if anyone has experience with this.

[Mari]

Maybe folks in Florida need to face facts. It seems it’s only going to get worse and quickly property values could drop. I feel sorry for those who currently are stuck. New buyers need to pay attention.

[Tamara]

You have a paid off house – insurance is a MUST, otherwise you’re taking a huge risk with an asset that’s worth hundreds of thousands of dollars.

[Sarah]

I’d sooner sell my house and live elsewhere than go without insurance on such an important asset. Do you have to live there? I only pay 900 a year in homeowners, live in the northeast. Seems we have fewer environmental problems..

[Cat Jackson]

If you would be financially ok if your house burned down and you had to start from scratch — that’s the only time it makes sense not to be insured. And even then, it’s dumb not to.

[Rebecca]

Ours went from $800 to $1200 to $2000 and this year $3000. It’s crazy!! I said to the lady that is quite and increase and she said you are lucky you were not dropped. We live in a tiny 3/2!block home in a very average neighborhood.

[Stephen]

If you can afford to replace your home and all it’s content, hotel during the rebuild, ect from savings without derailing your future plans then you don’t need insurance.

Suggested: Any tips or suggestions on bringing the insurance price down?

[Christina]

I have no mortgages but I have insurance for all my properties plus umbrella policy.

This sounds like those who are thinking of dropping health insurance because they are “in good health” and don’t plan to see a doctor or they can pay out of pocket for a doctor’s visit.

Insurance is for the unexpected, catastrophic event that will drain your savings plus more. I personally would not take the risk and self insured. You may be able to pay for a roof or a leak, but how about personal liability protection?

[Heather]

I don’t think it matters as much if your house has no mortgage, as it does if you have the money to rebuild should something happen.

But if your risk tolerance can tolerate lower coverage, then it sounds like a good plan to shop around.

[Dustin]

For me, insurance is there to provide peace of mind if there is a catastrophic event. I would not want to rebuild my house with cash from my savings account. Ask yourself, ‘if there was a hurricane and my house were completely destroyed how much of my own money am I willing to pay to rebuild’.

I shop around my rate every couple of years. Insurance is a mostly commodity service.

[Author]

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