Liability is a big one. We were planning on curtailing big parties and things around the pool if we dropped the insurance.Ribeye-Rare said:You know, I've toyed with this idea as well, as my homeowner's policy will 'renew' in the fall and I'm sure they'll hammer me about the age of my roof, even though it has 40-year shingles on it (I'm 30 years in but the roof is in still in serviceable shape).Win At Life said:
I was just about to say screw it and self insure (house is paid off) when getting quotes over $4000.
But, (assuming you had decided to self-insure), what would you do for liability protection on the property. That's the type of thing that concerns me the most, I suppose. Who writes a separate liability policy for a homestead?
Also, I wouldn't fancy picking up the entire tab if my house burned down or got blown away. I'd like some super-catastrophic protection.
But roofs? Hell, I'll pay for those just like I would any other major expense.
There was a thread somewhere last month about personal umbrella policies. I've upped mine to $1MM, but they (Allstate and everyone else that I'm aware of) will only give you personal liability policies on property, so I had to get the boat liability (only like $45) to get it under the umbrella.
But, that is another type of policy that the industry refuses to cover. Suppose I just want liability only (no property covered); kind of like you can get on auto policies, but for homes? Nobody offers that. Maybe we should start our own insurance company that does this?
What about personal liability for anywhere that doesn't include a property or vehicle you own? Suppose I'm hiking in the mountains and knock a rock down on someone's head. What policy covers me for that liability? I know the bonfire collapse liability was paid by the students' parent's homeowners policy, so maybe I am covered in a case like this? Does anybody know?