OK, Let Me RePhrase this

swamp hunter · Oct 5, 2012

Self Insurance or no Insurance at all Homeowners.

My house is almost paid for. My Insurance in a Hurricane Zone is going crazy,
I,m thinkin bout Paying it off , And no Insurance,
I can fix things real good. Set Trusses in my time. Drywall is easy.

Anybody else going the Self insured Route. Any Pitfalls have you had.
What,s your Plan if it,s all gone Tommorrow :huh:

jkkj · Oct 5, 2012

Well, if it is gone tomorrow, I will be without. I would rather be safe than sorry. If you can afford the self insurance then you should be fine. Most of us can't.

shakey gizzard · Oct 6, 2012

I did'nt think any insurance companies even insured Floridians anymore! :huh:

Jim Baker · Oct 6, 2012

swamp hunter said:
Self Insurance or no Insurance at all Homeowners.

My house is almost paid for. My Insurance in a Hurricane Zone is going crazy,
I,m thinkin bout Paying it off , And no Insurance,
I can fix things real good. Set Trusses in my time. Drywall is easy.

Anybody else going the Self insured Route. Any Pitfalls have you had.
What,s your Plan if it,s all gone Tommorrow

My home has been paid off for many years. Two years ago due to my carelessness it nearly burnt down. Mostly smoke damage. The interior had to be gutted. It took $135,000 to put it back together and another $80,000 to replace what personal possessions we could. Then there are the things that could never be replaced.

It is not worth the risk.

I would investigate higher deductibles and risk specific insurance.

Luke0927 · Oct 6, 2012

I say if you have a ton of cash sitting in the bank and could rebuilt and refurnish and don't mind go ahead, but if you think about having to rebuild the house plus refurnish everything you have accumulated, from furniture, to washcloths you have a ton of items that add up to big $$$ on furnishing not just the house its a big risk. My wife's family is in West Palm never asked how much insurance is guess it's bad due to hurricanes...what are you looking at for yearly premium?

kevozz · Oct 7, 2012

Luke0927 said:
I say if you have a ton of cash sitting in the bank and could rebuilt and refurnish and don't mind go ahead, but if you think about having to rebuild the house plus refurnish everything you have accumulated, from furniture, to washcloths you have a ton of items that add up to big $$$ on furnishing not just the house its a big risk. My wife's family is in West Palm never asked how much insurance is guess it's bad due to hurricanes...what are you looking at for yearly premium?

Well put.

Could you raise you deductible to a higher amount, like $10k or more. That is a form of self insurance, high deductibles.

Check out this article:
http://www.bankrate.com/finance/money-guides/homeowners-insurance-don-t-go-bare-1.aspx

swamp hunter · Oct 7, 2012

My Plan is , If the House is Destroyed is to Buy a Manuf. Home and put it on the Propery.
Get Financing for as long as I can at the lowest Monthly Rate I can.
$ 100 Dollars a Month for 100 Years would be fine.
Soon as I kick the Bucket...The Bank can have it.

Nobody I care to leave it too anyways.

hummdaddy · Oct 7, 2012

swamp hunter said:
My Plan is , If the House is Destroyed is to Buy a Manuf. Home and put it on the Propery.
Get Financing for as long as I can at the lowest Monthly Rate I can.
$ 100 Dollars a Month for 100 Years would be fine.
Soon as I kick the Bucket...The Bank can have it.

Nobody I care to leave it too anyways.

that's a plan :yeah:

oops1 · Oct 7, 2012

I have a 2000 Buick Century with liability. ..That's the only thing I own without full coverage. .. I sho wouldn't skimp on my home owners.

swamp hunter · Oct 7, 2012

[QUOTE=oops1I have a 2000 Buick Century with liability. ..That's the only thing I own without full coverage. .. I sho wouldn't skimp on my home owners.

Why ?

If I can save $ 3 ,4 Thousand a Year. :banana:

And if I do Lose the House ,I Can get a Brand New Replacment for $ 100 bucks a Year for 100 Years .
I,m gettin older.Might go before I read your Reply. :hair:

Might live for 30 more. :fine:

But a House is a House to me. A/C and a yard to mow.
Nobody was ever Born here. Granmaw didn,t buy it during the Depression.

Furniture ..who cares. I get it for free several times a Year. Throw in 3 new Flat Screens . Basket of Canned Goods . I,m fine.

Why Pay the Tax Man ?

What,s my Downside to this ?
Got a Friend thats 72 Years old. He just bought the Best Biggest , Baddest Tundra Toyota they make. financed it for 10 Years.. $ 100 a Month.

kevozz · Oct 7, 2012

Interesting plan.

I figured you were joking about the 100 year loan but:

Maximum Loan Term (from VA and FHA)

20 years for a loan on a manufactured home or on a single-section manufactured home and lot.
15 years for a manufactured home lot loan.
25 years for a loan on a multi-section manufactured home and lot.

5-10 years less without land.

If you get a cheap used one, then that's a different matter.

Must have been one heck of a down payment on that truck to get that amount.

oops1 · Oct 8, 2012

I paid off my house but still have the insurance. ..it's not the biggest or baddest but it cost a shade over $100 and I couldn't replace it for that.I'm not clear on the 100 year note but if I die after typing this. ..my wife pays just insurance. ..if she dies...my kids sell and split the profits. ..my house was my biggest investment and I intend to protect it.I agree...insurance is a racket but so are taxes and we all pay those.

ChiefOsceola · Oct 8, 2012

swamp hunter said:
Got a Friend thats 72 Years old. He just bought the Best Biggest , Baddest Tundra Toyota they make. financed it for 10 Years.. $ 100 a Month.

Your friend got a loaded Tundra for $12,000, interest-free? Please send me the dealer's info ASAP. ::ke:

If you have no intentions of rebuilding and you're comfortable absorbing the loss, go for it. Most of us want to be restored to our pre-loss status, so I'll keep my insurance. All depends on what your expectations and concerns are.

OK, Let Me RePhrase this

swamp hunter

Senior Member

jkkj

Senior Member

shakey gizzard

Senior Member

Jim Baker

Moderator

Luke0927

Senior Member

kevozz

Senior Member

swamp hunter

Senior Member

hummdaddy

Senior Member

oops1

Buzzard Expert

swamp hunter

Senior Member

kevozz

Senior Member

oops1

Buzzard Expert

ChiefOsceola

Senior Member

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