[Baz]

I canceled my homeowner's policy as soon as I could after paying off my mortgage two years ago. This includes my windstorm policy which is separate.

In all the years owning my home with a mortgage (and thus a required HO & WS policy), I never had a claim.

That was about 18 years paying in every year (month via escrow).

So last October we had a hurricane (Matthew) blow through and I lost some shingles on my over 20 year old roof and a rear gutter.

Called up FEMA and within' 1 week they direct deposited enough $ in my bank account to pay for materials for a whole new roof (which will be gavalume this time) which I will install myself.

If I had an insurance policy the damage would not have exceeded my deductible so I wouldn't have gotten a dime. Deductibles here in Florida for windstorm damage are based on the value of your home - a certain percentage. This is the method they went to after Hurricane Andrew costs the insurance companies so much money that they hadn't expected.

So moral to the story......just because you don't have insurance...it doesn't mean you don't have some protection - other than an insurance company.

That said....one size does not fit all. My situation might be unique to others.

Risk to my dwelling is reduced by many factors including I have better control over potential accidents because I live alone except for my furballs. Also, my house was built in the 60's and is solid as a rock. I'm also in the trades so i have a LOT of buddies who could help me with repairs, should I ever need them. Most people don't have the relationships I have with other contractors in the building and construction industry.

I'm not talking about just painters and such. I'm talking about every trade involved in constructing a dwelling from general contractors who build homes to roofing contractors to framers to concrete and masons...plumbers...electricians...you name it.

Also, if you were to calculate how much money you save by not having a policy and multiple it by x number of years....it's amazing how much you in theory would have socked away to help fund any needed repairs. In 4 years I could pay for an entire new roof and that's having someone else do it.

Every situation is different so I'm not advocating what someone should do. I'm just sharing my experiences and how I have considered my situation from the stand point of actual risk.

Do what helps YOU sleep better at night and what you feel is the best fit for YOUR circumstance. That's the bottom line....