Quote:
Originally Posted by cabmandone
There's a lot of news around insurance prices and companies exiting certain markets. I look at the cost to insure and then the cost to replace and think, I can insure for many years before the premiums would come close to replacement value.
|
I feel the same. I complain about my premiums (about $10,000/yr), but the truth is it'd take over 20 years for my premiums to exceed the replacement value of my dwelling.
A lot of my neighbors claimed they were self insured. After the back-to-back-to-back hurricanes last summer they discovered they were simply uninsured. You're only self insured if you have funds to rebuild. Most ended up selling their damaged homes for pennies on the dollar.