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Reply to "People who don’t insure their house "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I know quite a few people who self insure. They are all wealthy and live in multi-million dollar homes. I guess, they’ll be fine losing the money. [/quote] Seems fine for the truly wealthy, but for the average middle class or UMC even, it doesn’t seem worth the risk to me. [/quote] +1. I can't imagine not having homeowners' insurance, even though I hope to never make a claim. [/quote] And sure for the truly wealthy, go ahead and don't insure, but even for them, someone with a $40M home likely doesn't want to not insure it, because they know that would not be a smart choice. Worth ~$35M. 2 homes are worth $6M. Sure we could afford to replace one if it was destroyed along with the contents, but it seems silly not to pay the $5-6K/year to insure them with a higher deductible. [/quote]
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