[Baz]

As everyone knows - when you have a mortgage you are required to have homeowner's insurance.

I've had it for the 17 years I've owned my current home. Plus a separate mandatory windstorm policy.

I only have $39K left on my mortgage and am thinking of paying it off rather than continue to (be required to) carry homeowner's insurance.

The reason is my home was built in '62 and it is insurance policy to require proof of updates on your home's infrastructure once your home has it's 50th birthday. I'm told the insurance company will accept what's known as a 4 point inspection, which covers roof, electrical, plumbing, and HVAC.

I have one of these 4 point inspections scheduled for Thursday but already know my 125 amp Federal Pacific electric panel will not pass muster and possibly my roof. They require a minimum of 3 year life left for a roof to insure the structure.

I don't mind doing upgrades when necessary but I want to do them on my schedule but I also understand how the insurance industry looks at things so as long as I have that mortgage - I'm pretty much at their mercy.

Unless I pay off my mortgage. I don't have the full $39K but could get it if I wanted to.

17 years here with no claims. Went through all the hurricanes with zero damage. My house is built like a bunker. Plus as a contractor in the trades - I have tons of acquaintances who could assist me should I suffer damage from a storm - on whatever I can't do myself - which is a lot.

I think my insurance is about $1,500.00 per year incl. windstorm. Not bad but the part about forcing me to do upgrades on their schedule....that part bugs me.

Has anyone gone through this as well?