No Homeowners Ins

Bubbas Boys · #1 04/28/14, 07:34 AM

So, now that we have kitchen Queen we are still having the issue of the homeowners ins company that we currently have for our new home is saying that it can not be the only source of heat. We were going to just install the baseboard heaters to make em happy but are now wondering and weighing the pros and cons of no ins. We really want this to be the only heat and wife hates the look of them in the rustic look home we trying to build. We own the property outright and we have built every part of the entire place with our own 4 hands and the money we have when we have it. We have never had a single claim in our 15 years of owning other homes. Our deductible will be at least $1000.00 to make rates manageable. We don't have any expensive appliances or electronics. Mainly a totally lose is our worry. Sooooo.... Opinions??? Be nice to me!

ceresone · #2 04/28/14, 07:37 AM

If you don't have a mortgage company involved, only question I can see is-can you afford to start over with nothing in case of a fire?

||Downhome|| · #3 04/28/14, 07:44 AM

If it where up to me, I'd fly with out it.

We are mortgaged though.

Take the money your paying the Insurance company and put it into something sound.

The only real problem I fore see with out insurance is other people...

Some one comes on the property and gets hurt could leave you out cold.

That would be my only worry about not having it.

I'm no fan of Insurance company's they drive public policy as well as jack up prices in all things.

For example requiring you to have a alternate heat source...

hercsmama · #4 04/28/14, 07:50 AM

We paid cash for our place as well. We heat with a wood stove, exclusivly. Our Insurance company has no problem with it, as a matter of fact, or insurance guy hired dh to come install his!
I would never be without HI, to much can happen, fire, tornadoes, whateverall, and we may never be in the position to be Mortgage free again.
I would check with other insurance companies. I get that you have an existing policy, but you can switch, and cancel the one you have. They have to refund you the unused payment, assuming you paid a year at a time...
We are with Farm Bureau, I love them.

bluefish · #5 04/28/14, 07:51 AM

We don't have insurance. It's a state of mind, to a degree. People have their house and stuff and want it all back right away if something happens. If our place burns, we can't replace it but we can bring in an old trailer to live in and start over. Most of us started with not much when we left home and are perfectly capable of doing all that again, we just don't want to. Individual choice if there's no mortgage involved.

ETA: I don't like being told what animals I can and cannot have as well as what I can and cannot do with my property. I am a responsible adult, if I make a bad choice, I get to live with the consequences.

TXWildcat · #6 04/28/14, 07:52 AM

can u just get an umbrella policy?

Live life in such a way that the preacher won't have to lie at your funeral.

1shotwade · #7 04/28/14, 07:55 AM

I dropped the ins. years ago. I had the same co. for auto.I was hit twice in 15 years and both time the ins said if they had to do anything it would raise my rates.One person that hit me had the same ins co. and it took months for them to cover the damages.Pryor to this I had another ins. co for both and they decided they would not cover me any longer because I had a( NEW) mobile home so I dropped that and kept the auto 'till someone hit my son and almost killed him. MY ins. co would only say DON'T GET A LAWYER!! over and over.They wouldn't do anything.I got the lawyer and my son was compensated $1000,000. (we are not the suing type but even my own ins. wouldn't do anything for us)
The last co kept raising the rates. County says my home is worth $89,000,real market value is not that much more due to not being finished remodeling but the ins wanted me to carry full replacement value on $1 78,000. And that was their cheapest way to insure. You can't just buy "wind and Fire" anymore.
(Note: both of these companies are rated the top in the country also)

Bottom line is I dropped them and am just leaving it in Gods hands,and dropped the high dollar auto coverage to state minimum which puts another $2500 plus in my pocket each year.My only real concern is liability if someone gets hurt on our property.
So my bottom line is you must do what you are comfortable with but I was spending a lot of money on ins. and they were NEVER there when I needed them.I'll go on as is and trust in God.

Wade

fishhead · #8 04/28/14, 08:01 AM

I used to have $1,000,000 liability insurance on my farm and the premium was only $150/yr. Maybe there is something similar for homes IF you want to go without replacement insurance.

I worked with a guy who lost his house to a fire. He had NO insurance and had to start over from scratch.

mmoetc · #9 04/28/14, 08:08 AM

I guess I've been to a few too many fundraisers for folks who took the risk and lost. You've worked hard to get where you're at. Do you really want to do it all again? Your choice. Shop around.

||Downhome|| · #10 04/28/14, 08:09 AM

Fishhead I was wondering about just liability... Anyone know?

blooba · #11 04/28/14, 08:22 AM

If you want to get ins just get some portable electric baseboard heaters that plug into a power outlet. When they ask what type of heat, its baseboard heat. And just break them out if your out of town or the ins agent drops by.

As for going without ins it is more profitable for yourself to not have ins. They are not in the business for nothing, they are profiting off of you. If you have enough cash to live on if you were to lose everything I would say go for it.

Kristinemomof3 · #12 04/28/14, 08:23 AM

We had friends lose their home in a fire without insurance and said never again. We could never replace our house if we did not have HO insurance. It's worth the $85 a month for piece of mind.

Bubbas Boys · #13 04/28/14, 08:28 AM

Well, there are a lot more supporters than I thought there would be. haha. We were thinking of looking into the liability. All those thoughts and concerns are ours as well. Thanks for opinions.

TnAndy · #14 04/28/14, 08:35 AM

We have a $2500 deductible and the premium is only $500/yr. That covers house (full replacement) that would take 250-300k to rebuild, contents of half that, outbuildings of 20% (and I have a lot of them), and a lot of liability coverage.

I think it's a bargain.

bluefish · #15 04/28/14, 08:40 AM

Some of you all have cheap insurance! Part of what led us to drop things was the fact that I couldn't find insurance, even plain liability for less $800 a year. That was liability only. Throw in replacement and it skyrocketed. Most places wouldn't even talk to us about liability only.

wy_white_wolf · #16 04/28/14, 08:43 AM

I wouldn't got without homeowners insurance. I did have to file a claim a few years age. We were away on vacation and had a hose to the washing machine break. Insurance paid out more to fix the house then I originally paid and paid for a place for use to live while it was being repaired. Without insurance it most likely would have bankrupted me.

WWW

ceresone · #17 04/28/14, 09:01 AM

My farm and house hold insurance premium is due next month-800 a year. No extra premium if I install a wood furnace outside-a extra 149 a year if I install inside-which I will, in attached garage. I have a fireplace also-but currently have a propane forced air furnace (now you know why I'm getting a wood furnace.)

rambler · #18 04/28/14, 10:33 AM

Check with a mutual insurance company. They are more of a shopping pool that can access insurance from many different companies and puts together a package that works for you, different parts from different companies. They are not always the cheapest if you have a simple typical house, but they are far more flexible to fit a homesteading, wood heating, acreage, type of lifestyle.

I think there are some good suggestions as to work around the requirement here, don't lie, but see what you can do to fit into their check box forum to allow you to fit in.

Would electric heat under the floorboards work, or something less obtrusive? How cold is your climate how expensive does this additional setup have to get... So on. An electric boiler can maybe be fit into your current heat distribution for cheap?

I would not want to be without liability these days, if you have a nice nest egg and a frugal house then the insurance on the building is up to you, like gambling in Vegas, see what happens....

Paul

simi-steading · #19 04/28/14, 10:41 AM

No insurance here...

In all my life, in all the places I've lived, only one time would I have had an insurance payout... I caught my place on fire..

Yep, I lost a lot, but I replaced it all, and I would have never gotten back what I paid out, or what I had tied up in what I lost..

In the long run, I am a huge pile of money ahead.. Am I taking a risk? Of course.. but so does the insurance company, and they are betting they won't need to pay me.. .so why should I give them the money to bet against me when I can just bet on myself?

TXWildcat · #20 04/28/14, 10:46 AM

^^^^^ this is the way our ancestors lived all through history. insurance requirements is a fairly new deal. if you invest the funds paid to insurance company ( what they do) you can be self insured. only reason to have liability these days is because ambulance chasing lawyers are always looking for the next pay check.

Live life in such a way that the preacher won't have to lie at your funeral.