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I have always heard that home insurance in Texas is very high. I wouldn't know because I have never carried insurance on our rural Texas farm house. If the farm house was destroyed, we would simply move to our city home (in another State). This essentially serves as our insurance. That second house is insured but not so much for the protection of the property but for my own legal protection since the houses are clustered so close together and my neighbors could easily suffer property damage if my house were to burn. If my farm house burned, there would simply be a large charred spot in the grass.
Whether or not living in a home that is not insured is stupid or crazy is best left to a future review of events in any home. Life is a gamble but luckily even that becomes less of a gamble as you become older. It's one of the few benefits of getting old.
Another thing to consider is if you get an auto insurance rate discount if you have homeowners with the same company. If I were to cancel my homeowners policy my car insurance would go up, but I'm not sure how much.
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Originally Posted by james777 View Post
It cost me $651 last year for a house that I could sell tomorrow for $350,000.
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Originally Posted by Brian_M
So, where's your line? $1200/year for a house that would sell for $175k? $2400/year for a house that would sell for $90k?
I ask because I'm living those last numbers. Old house, full brick (actually double-brick), is so ridiculously over-insured that (like health insurance), it's gone from painfull to laughable. It's either laugh or cry, and I simply don't have any tears left for this crummy world (or maybe it's just this country?)
So, I ask again, would you be foolish for considering giving up a $200/month payment on something that's only "worth" maybe $90k? I agree that for your very specific instance, it makes sense. But for about 4% of the US population, the ACA saw a reduction in health insurance costs too (vs the 75% who saw a marked increase).
What's my line? You mean at what annual premium would I decide to become self insured because I think the cost of a policy is too much? I would only become self insured if I became wealthy (> 15 million) and continued to live in this house or one in the same price range. If I became wealthy and bought a mansion I would continue to insure. Therefore my line is that I would only self insure if the house I live in was a small part of my liquid net worth.
You are in Warm Springs, GA? I would think that home insurance in a small town in the South would be a lot more reasonable than the figures you gave. Why is it so expensive? I would like to know because I have often thought about moving to the South, and particularly like Georgia.
I am in the suburbs of Baltimore and I think my annual premium is quite reasonable, even more reasonable than the poster in Northern Idaho.
You are in Warm Springs, GA? I would think that home insurance in a small town in the South would be a lot more reasonable than the figures you gave. Why is it so expensive? I would like to know because I have often thought about moving to the South, and particularly like Georgia.
I am in the suburbs of Baltimore and I think my annual premium is quite reasonable, even more reasonable than the poster in Northern Idaho.
I'm in Escambia County, Alabama and my insurance is about $1k for $95k worth of coverage (1300 sqft brick rancher built in '73). It used to be lower, but after hurricane Ivan in 2004 it nearly doubled.
Sigh, as my thoughts go through daily if I can afford to build this house (I can but it is a lot) at least two other thoughts come up. What the taxes will be (reasonable I think on the face of it, can budget those through the year, and then there are the homestead, veteran, and agriculture options to go after) and how to insure it.
Insurance is not totally unknown to me. One of the first things I did when I bought the ranch was to get a policy on it in case a poacher trespasses, gets bitten by a rattlesnake, and then tries to sue me for it. A little bit different than the Act of God for it is more of protecting one's self in the bureaucratic world.
Ie, Tamara has a ranch so she must be rich so let's sue her..........and I am protecting myself against that.
But some of the phone calls I must make this week is to my auto & rental insurance company and to the company that holds the above policy (the first doesn't insure ranches) to see if they do insure homes and then......how much it will cost me.
But....you know what they say about insurance......."Once you have it, you don't need it.".
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