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Got my answer page 3; IF my house is paid off, I can't have NO insurance if I choose to
Posted on 5/31/23 at 3:59 pm
Posted on 5/31/23 at 3:59 pm
SOMEONE please explain this to me.
If I want to take that risk, why am I not allowed to do so? Seriously. I'm confident in our situation to do what we need to do.
So why can't I opt for NO insurance if I don't want it??
If I want to take that risk, why am I not allowed to do so? Seriously. I'm confident in our situation to do what we need to do.
So why can't I opt for NO insurance if I don't want it??
This post was edited on 6/6/23 at 2:11 pm
18
Posted on 5/31/23 at 4:00 pm to tiger91
You should be able to self insure unless you live in some sort of PUD that has special requirements.
Posted on 5/31/23 at 4:01 pm to tiger91
Probably a dumb question on my part. If your home is paid in full, what's stopping you from self-insuring?
Posted on 5/31/23 at 4:02 pm to tiger91
If your house is mortgage free, who is telling you you have to have insurance?
Posted on 5/31/23 at 4:02 pm to tiger91
Who told you that you can't self insure?
Posted on 5/31/23 at 4:03 pm to tiger91
Who is telling you otherwise?
Posted on 5/31/23 at 4:23 pm to tiger91
Do you have an umbrella policy?
Posted on 5/31/23 at 6:44 pm to tiger91
This is the most failest OP in the history of the money board.
Posted on 5/31/23 at 8:40 pm to tiger91
quote:
I can't have NO insurance
Posted on 6/1/23 at 8:06 am to tiger91
The girl is probably thinking along multi lines - if you have an umbrella policy they can certainly require you to have a homeowner policy.
Most likely, you have cars, farm equipment, etc. insured there - the girl was thinking about losing multi line discounts - talk to the agent and report back.
Most likely, you have cars, farm equipment, etc. insured there - the girl was thinking about losing multi line discounts - talk to the agent and report back.
Posted on 6/1/23 at 4:34 pm to tiger91
If you have no liens against your home, you don’t have to have insurance.
Posted on 6/1/23 at 8:30 pm to tiger91
When you told her you are thinking of self insuring, did you mention that your home is paid off?
Posted on 6/2/23 at 8:32 am to tiger91
I cut down all of the trees in my backyard and canceled my wind/hail coverage with Allstate.
Posted on 6/2/23 at 9:09 am to tiger91
quote:
I can't have NO insurance if I choose to
Or what?
Posted on 6/2/23 at 11:10 am to tiger91
Simple. If you have a mortgage, you don’t really own the house. The bank does
Posted on 6/2/23 at 11:58 am to tiger91
So an admin at State Farm is telling you that you have to carry insurance on a home you own outright? That's probably why she's an admin.
Posted on 6/2/23 at 2:56 pm to tiger91
Just curious if the agent has responded yet?
This post was edited on 6/2/23 at 2:57 pm
Posted on 6/3/23 at 8:37 am to tiger91
Call me stupid, but if you owe nothing on your home and property there is no law that says you must be insured.
Now, if you live in a subdivision with an HOA or in a condo-type home, I can't speak to that.
As a private homeowner living in a country setting with my mortgage fully paid, I can choose to drop my homeowner's insurance anytime I see fit. Of course, I will be assuming the costs of any damages from hurricanes, etc. and I am still vulnerable to lawsuits from anyone who may claim to get hurt on my property.
But no, there are no laws saying you have to have insurance on your home!
Now, if you live in a subdivision with an HOA or in a condo-type home, I can't speak to that.
As a private homeowner living in a country setting with my mortgage fully paid, I can choose to drop my homeowner's insurance anytime I see fit. Of course, I will be assuming the costs of any damages from hurricanes, etc. and I am still vulnerable to lawsuits from anyone who may claim to get hurt on my property.
But no, there are no laws saying you have to have insurance on your home!
Posted on 6/4/23 at 8:27 pm to tiger91
Knew someone who did that. Saved alot of money. Until their house burned down.
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