Quote:
Originally Posted by astrochex
Its a fairly new build home, only 7 years old. I have not checked our policy lately, but I am under the impression that the lender required us to maintain a certain amount of coverage. I will do my homework to confirm that.
Storm damage, particularly in the form of hurricanes is the primary risk. Flooding as a result of storms is a lower probability risk.
|
Thank you. Living in Florida my firsthand experience is that flood and wind are the bulk of your expense. Since you own the property outright, you could forego these and buy a liability policy. I'd only advocate this approach if you can afford to walk away from the loss of the property when a hurricane does hit.
It's analogous to me showing up at the track with a brand new GT3 or a 1999 Dodge Neon. Totaling the Neon would smart, but totaling the GT3 would financially ruin me. On the other hand, totaling either would probably be no big deal for Bryan Moynihan, CEO of Bank of America.