[bale002]

This is for homeowners who carry no mortgage.

Have any of you opted NOT to have WIND (anti-hurricane) insurance?

For both those who do have it, why do you think the expense is worth covering the risk?

For those who do not have it, why do you think the expense is not worth covering the risk?

Anyone who does not have it simply because it would break your budget?

Thanks.

[tamcim72]

My parents do not carry "full" insurance. i.e. what the insurance co. says it will cost to replace the home/contents. They could afford to rebuild out of pocket. I have a mortgage so I have to get what they say. My coverage is 25% more than the price of a new home the builder is charging now(I bought a the height of the market, but still have equity). Plus I have add'l $30k for non attached bldgs, which I don't have, but it's a "package". Ridiculous.

[2goldens]

Yes, like Tamcim says; I have the full package and must include what they say.

Last month my auto insurance (full package) added Flood coverage to my vehicle!
In Florida, there's no end to paying for insurance coverage. I'd rather be safe than
sorry.

[floridasandy]

i went with citizens, as i found their rate to be fair, and picked the basic coverage. i did get the wind inspection done which brought the price down. i would think it depends on exactly where you live. i have been through 3 hurricanes and did not suffer any real structural damage so i am not going with any extras on my insurance. i just have basic insurance on my car (honda civic) and pay about 500 a year for insurance. i could get full coverage and pay more, but it is a risk that i am willing to take.

[AustinTraveler]

Just make sure you're talking about the same thing. Your title reads "Homeowners without flood insurance" but then you talk about not carrying windstorm. Windstorm (hurricanes, etc) insurance does NOT cover flooding. You need a separate policy for that. There are basically three policies: Homeowners (fire, theft, etc), Windstorm, and Flood. You are only required to carry flood insurance if you're in a flood zone and you have a mortgage.

[bale002]

Originally Posted by AustinTraveler

Just make sure you're talking about the same thing. Your title reads "Homeowners without flood insurance" but then you talk about not carrying windstorm. Windstorm (hurricanes, etc) insurance does NOT cover flooding. You need a separate policy for that. There are basically three policies: Homeowners (fire, theft, etc), Windstorm, and Flood. You are only required to carry flood insurance if you're in a flood zone and you have a mortgage.

HI Austin,

you're right, sorry, I mis-titled the thread, I meant the risks of going without WINDSTORM insurance, not flood insurance. I apologize for that. Maybe I'll start another thread in a few days after this one dies out.

Thanks and apologies.

[sfabian]

it's really the ultimate form of cognitive dissonance. On the one hand insurance gives one a psychologically safe feeling and a somewhat financially safe feeling. on the other hand the time value (present value) of all the future premiums can add up to almost half the value of the home. its a hard decision to make when you have no mortgage. either way you feel uncomfortable. you may feel stupid from a budgetary point of view by having full coverage but you may feel equally stupid by not having full coverage just in case some mindless creature falls on your property or you have a natural disaster.