Strange choices..

[Viper1j]

Not true. Basically anyone with a mortgage HAS to have insurance. Prudential lender practices, which all lenders must comply with, requires it. After all the property is the best chance they have of recovering their money if the loan goes south.

If the insurance gets cancelled then the insurer must notify the lender (certified letter in my state). If the owner doesn't provide proof of new insurance then the lender buys (very expensive) fire insurance that covers ONLY the loan) and that the owner has to pay for (cost is added to the mortgage debt). It's possible the fires you've been reading about fall into this category-i.e., someone a step or two from foreclosure, most likely.

It's entirely possible that someone who pays off their mortgage has no insurance, but as a practical matter highly unlikely.

Google the local Pittsburgh paper.. You would be shocked at how many had no insurance. Even one that had his home over his business (bakery).

Lost his place and his livelihood over an electrical issue.

 

[Bitek]

Google the local Pittsburgh paper.. You would be shocked at how many had no insurance. Even one that had his home over his business (bakery).

Lost his place and his livelihood over an electrical issue.

I wonder what the Venn diagram with antivaxxers looks like...

 

[MtnMan]

I keep a spare car and house key in the trunk, in case I ever lock myself out of either.

OnStar can open it by remote for me to get it.

I'll have to read up on the scotch. I know St Bernards have those little barrels of booze in the Alps.

One should probably base possible life and death decisions on facts, not legends or old wives tales…

St Bernard's, did save lives by using their keen sense of smell to find people buried in snow and dig them out, and lay with them to help keep them warm. It wasn't the mini-barrel of brandy, but the fact they are cuddle buddies.

The Truth About Saint Bernard Dogs and Barrels

Discover the untold heroic legacy of Saint Bernard dogs: from the legend of their life-saving prowess with liquor or beer barrels to stars of Hollywood.

beerconnoisseur.com

And don't forget your phone, so you can call OnStar.

 

[MtnMan]

I wonder what the Venn diagram with antivaxxers looks like...

You only need one circle.

 

[Viper1j]

One should probably base possible life and death decisions on facts, not legends or old wives tales…

St Bernard's, did save lives by using their keen sense of smell to find people buried in snow and dig them out, and lay with them to help keep them warm. It wasn't the mini-barrel of brandy, but the fact they are cuddle buddies.

The Truth About Saint Bernard Dogs and Barrels

Discover the untold heroic legacy of Saint Bernard dogs: from the legend of their life-saving prowess with liquor or beer barrels to stars of Hollywood.

beerconnoisseur.com

And don't forget your phone, so you can call OnStar.

Thanks

That was a hellava good read.

 

[Lost_in_the_HTTP]

I'm moderately rural. All volunteer FDs, country road, no hydrants. House is paid in full, no banks involved. Homeowner's insurance is over $100/mo and my largest single expense. I went for 20+ years without it at all, taking the gamble that I'd be able to do sufficient repairs out of savings and CCs hoping to get loans or emergency grants if needed.

Prior to that, on any previous home, I've paid many thousands of dollars in premiums with no claims or losses. Had I banked all of those premiums, I'd be able to buy a new house if I lose this one.

Insurance is a gamble.


One thing I probably need to do though is get a weatherproof lock box and put a couple of CCs and some other ID cards in it to store out in the detached barn, just in case.

 

[Viper1j]

I'm moderately rural. All volunteer FDs, country road, no hydrants. House is paid in full, no banks involved. Homeowner's insurance is over $100/mo and my largest single expense. I went for 20+ years without it at all, taking the gamble that I'd be able to do sufficient repairs out of savings and CCs hoping to get loans or emergency grants if needed.

Prior to that, on any previous home, I've paid many thousands of dollars in premiums with no claims or losses. Had I banked all of those premiums, I'd be able to buy a new house if I lose this one.

Insurance is a gamble.


One thing I probably need to do though is get a weatherproof lock box and put a couple of CCs and some other ID cards in it to store out in the detached barn, just in case.

I have 9 CCs with zero balances, All my policies, backup of data and a home inventory on a flashdrive all locked into a SentrySafe in my office. I'm hoping it would all survive the heat of a fire, but maybe I should consider relocating it.

 

[Viper1j]

I'm moderately rural. All volunteer FDs, country road, no hydrants. House is paid in full, no banks involved. Homeowner's insurance is over $100/mo and my largest single expense. I went for 20+ years without it at all, taking the gamble that I'd be able to do sufficient repairs out of savings and CCs hoping to get loans or emergency grants if needed.

Prior to that, on any previous home, I've paid many thousands of dollars in premiums with no claims or losses. Had I banked all of those premiums, I'd be able to buy a new house if I lose this one.

Insurance is a gamble.


One thing I probably need to do though is get a weatherproof lock box and put a couple of CCs and some other ID cards in it to store out in the detached barn, just in case.

At 1:34

 

[nOOky]

One should probably base possible life and death decisions on facts, not legends or old wives tales…

St Bernard's, did save lives by using their keen sense of smell to find people buried in snow and dig them out, and lay with them to help keep them warm. It wasn't the mini-barrel of brandy, but the fact they are cuddle buddies.

The Truth About Saint Bernard Dogs and Barrels

Discover the untold heroic legacy of Saint Bernard dogs: from the legend of their life-saving prowess with liquor or beer barrels to stars of Hollywood.

beerconnoisseur.com

And don't forget your phone, so you can call OnStar.

We were there last August. They wouldn't let anyone pet the dogs because of covid, but you can view them and see their kennels and read about the history etc. And they do have a distillery there.

 

[MtnMan]

I'm moderately rural. All volunteer FDs, country road, no hydrants. House is paid in full, no banks involved. Homeowner's insurance is over $100/mo and my largest single expense. I went for 20+ years without it at all, taking the gamble that I'd be able to do sufficient repairs out of savings and CCs hoping to get loans or emergency grants if needed.

Prior to that, on any previous home, I've paid many thousands of dollars in premiums with no claims or losses. Had I banked all of those premiums, I'd be able to buy a new house if I lose this one.

Insurance is a gamble.


One thing I probably need to do though is get a weatherproof lock box and put a couple of CCs and some other ID cards in it to store out in the detached barn, just in case.

You might want to check your math.

$100/month * 12 months = $1,200 a year
$1,200/year * 20 years = $24,000 over 20 years.

Maybe a very used single wide?

Two years ago, I had a tree fall on the house. Damage to 20-year-old shingles, eaves and gutters. $18,000 check from the insurance company covered a new roof, repairs, and all new gutters. I was probably only a couple of years from needing to replace the roof anyway.

 

[pauldun170]

Not true. Basically anyone with a mortgage HAS to have insurance. Prudential lender practices, which all lenders must comply with, requires it. After all the property is the best chance they have of recovering their money if the loan goes south.

If the insurance gets cancelled then the insurer must notify the lender (certified letter in my state). If the owner doesn't provide proof of new insurance then the lender buys (very expensive) fire insurance that covers ONLY the loan) and that the owner has to pay for (cost is added to the mortgage debt). It's possible the fires you've been reading about fall into this category-i.e., someone a step or two from foreclosure, most likely.

It's entirely possible that someone who pays off their mortgage has no insurance, but as a practical matter highly unlikely.

A former neighbor who had inherited homes from the parents lived that "I don't need no stinking insurance. If something happens, I'll just fix it myself" lifestyle.
I remember all the firetrucks for that first fire.
Took him months with the help of the tenant who caused the fire to get it back in kinda livable condition. Did shitty work, smelled like fumes for years.
A few years later his other house suffered a calamity.
Eventually sold it to a very nice family who happened to have caught it on a "good day" with what I can assume a shitty home inspector.
I'm guessing he ran off to Florida paradise where his broke ass can afford to live.

there are few self proclaimed handy guys around here who dump insurance when they paid off their mortgage.
Always fun when a tree falls and it damages stuff. Now that we are starting to get tornados more often (thanks climate change!!) that's also pretty fun.
Wonder if that's why a lot of the old timers around here are quick to cut down all the trees in their yard and then complain to neighbors about their trees once the final mortgage payment is sent.

 

[hal2kilo]

I keep a spare car and house key in the trunk, in case I ever lock myself out of either.

OnStar can open it by remote for me to get it.

I'll have to read up on the scotch. I know St Bernards have those little barrels of booze in the Alps.

Just saw something on Animal Planet, Dogs 101. The brandy barrel around the necks of St. Bernard's is a myth. They did use side bags though for gear.
Missed post #28 ^^^. Already answered.

 

[Lost_in_the_HTTP]

You might want to check your math.

I said 'over' $100/mo now and I've owned one house or another for over 40 years, some premiums were higher, some lower.

 

[Thump553]

I'm moderately rural. All volunteer FDs, country road, no hydrants. House is paid in full, no banks involved. Homeowner's insurance is over $100/mo and my largest single expense. I went for 20+ years without it at all, taking the gamble that I'd be able to do sufficient repairs out of savings and CCs hoping to get loans or emergency grants if needed.

Prior to that, on any previous home, I've paid many thousands of dollars in premiums with no claims or losses. Had I banked all of those premiums, I'd be able to buy a new house if I lose this one.

Insurance is a gamble.


One thing I probably need to do though is get a weatherproof lock box and put a couple of CCs and some other ID cards in it to store out in the detached barn, just in case.

Do you have car insurance? My car insurance is at least triple what the HO bill is.

And BTW credit cards are not assets-they are a revocable at will (by the bank) unsecured line of credit to you.

It's absolutely crazy not to have HO ins. Your home is almost certainly your biggest asset and you aren't protecting it.

 

[Ken g6]

Insurance is for things you can't afford to pay for yourself. Can you afford to buy a new home out of savings? If not, get home insurance.

Can you afford to pay expenses for a car accident out of savings? (Think how much lawyers on TV get for their clients!) If so you might be able to self-insure. (I don't know how that works.) Otherwise, get car accident insurance.

Can you afford to buy a new car out of savings? (Or get by without that car?) If not, get collision/comprehensive coverage.

Can your dependents get by without your income? If not, maybe get life insurance. (But not whole life. Term life and investing the premium difference is reasonable.)

For smaller things, it's generally best to build up an emergency fund of at least 3-6 months' salary. That, ideally, should be your insurance against auto repair, appliance replacement, or replacement of other broken gadgets. As opposed to the various extended warranties companies want to sell you.

But, then, some large percentage of the population couldn't pay an unexpected $400 expense.

 

[nOOky]

I'm buying home insurance before health insurance if it comes down to that. I can't afford to replace my heavily damaged home, but I can send the hospital $150 a month for the rest of my life and they'll take it if I have a heart attack.

 

[dainthomas]

Only if you're buying it. not own it.

Then it burns down, or a truck runs into it, and you're f*cked.

That would be like taking comprehensive off a car when it's paid off. The day you do that is when you hit someone, a tree lands on it or whatever. Dumb, since the price difference isn't a lot.

 

[nakedfrog]

That would be like taking comprehensive off a car when it's paid off. The day you do that is when you hit someone, a tree lands on it or whatever. Dumb, since the price difference isn't a lot.

It really depends, I don't carry comprehensive on a car I paid $1,500 for (well, I carry it on my Miata that I paid $2,500 for, but I care more about that car )

 

[Lost_in_the_HTTP]

I have comp because it covers deer strikes and rock strikes from the gravel trucks running the quarries. Flo made me a deal on collision though that I found hard to refuse.

 

[Pipeline 1010]

OBTW, the scotch may give you a warm feeling, but it actually lowers your core temperature.

Username checks out. I believe this guy ^

 

[sportage]

I think its called personal responsibility.... to have insurance.
Like what is happening right now over in Ukraine, where Joe Biden has made it perfectly clear that all Americans in Ukraine must leave asap. And that any American who refuses to depart asap had better not expect the US government to rescue them LATER.

Everyone makes their own decisions, but when people screw themselves over by making the wrong decision, people will blame everyone but themselves. And, expect everyone else to pay.

 

[MtnMan]

I said 'over' $100/mo now and I've owned one house or another for over 40 years, some premiums were higher, some lower.

OK, I'll play $150/month x 40 years = $72,000

So that's enough for a new single wide, or maybe a second hand double wide. But remember you still have to go buy all your cloths, electronics, furniture, linens, pots and pans, small appliances, etc., etc.

 

[MtnMan]

Do you have car insurance? My car insurance is at least triple what the HO bill is.

You either live in a state where the auto insurance companies rape you, or your driving record says you are a high risk customer.

My HO $110/month, 950K coverage for structure and contents, auto just under $95/month, full coverage 2 vehicles.

 

[Viper1j]

Can your dependents get by without your income? If not, maybe get life insurance. (But not whole life. Term life and investing the premium difference is reasonable.)

Do you have nightmares of your wife/girlfriend burying you in a cardboard box, and running off to Pango Pango with the pool boy?

You may want to rethink life insurance.. Just sayin'.

 

[NWRMidnight]

I think there is a lot of half truths in the claim that most of these people don't have insurance, be it home owners insurance, or renters insurance. I suspect that a lot of the times, these people had insurance, just no coverage in their policies for that specific type of damage. A great example is flood insurance. Or they had the specific coverage, but the insurance company found a loop hole to deny them coverage, with the most common one being "act of god". I have known people where their insurance company has denied them coverage for a tree falling on their house during a storm because their insurance company classified it as an act of god. So they have to take them to court to get them to pay up.

Now the most fucked up insurance denial was one I read about after Katrina. A home owner had a two story house, he had insurance, including hurricane/flood insurance. The insurance company approved the part of the claim for the first floor, but denied the part of the claim for the damage to the second floor with some stupid reason (I don't recall the exact reason)... Even though both floors damage was caused by the same hurricane/flooding.