NS whitetail Posted January 28, 2009 Report Share Posted January 28, 2009 I was just watching the news. There was a story on there about a family who just lost their house and all their belongings to a fire. At the end of the story, it said : " The home was not insured" I know some people ( and one friend ) who do not buy home insurance . It really burns my butt when my friend says " I don't have it because it cost to much and I can't afford it". Him and his wife both smoke ( they are $10 a pack here ), so they spend up to $20 a day for smokes, but say they can't afford $500 a year for insurance ~ I don't get it My thoughts are ~ you cannot afford to not have it. Do you know people who think this way ? It will never happen to me :rolleyes: so I don't bother with it. :rolleyes: Quote Link to comment Share on other sites More sharing options...
Swamphunter Posted January 28, 2009 Report Share Posted January 28, 2009 I was just watching the news. There was a story on there about a family who just lost their house and all their belongings to a fire. At the end of the story, it said : " The home was not insured" I know some people ( and one friend ) who do not buy home insurance . It really burns my butt when my friend says " I don't have it because it cost to much and I can't afford it". Him and his wife both smoke ( they are $10 a pack here ), so they spend up to $20 a day for smokes, but say they can't afford $500 a year for insurance ~ I don't get it My thoughts are ~ you cannot afford to not have it. Do you know people who think this way ? It will never happen to me :rolleyes: so I don't bother with it. :rolleyes: ` Speaking of homeowners insurance... I hear it may be able to be used as a deduction on your taxes this year!!!!!! Quote Link to comment Share on other sites More sharing options...
popgun Posted January 28, 2009 Report Share Posted January 28, 2009 ` Speaking of homeowners insurance... I hear it may be able to be used as a deduction on your taxes this year!!!!!! Sorry Swampy but that is Mortgage Insurance, not home owners. Big difference. ....popgun Quote Link to comment Share on other sites More sharing options...
Tominator Posted January 28, 2009 Report Share Posted January 28, 2009 Don't understand that either. They must have owned their home, what lender would allow that? I'll never understand why people living in the flood plain don't have flood insurance either. Quote Link to comment Share on other sites More sharing options...
Mach1 Posted January 28, 2009 Report Share Posted January 28, 2009 I don't know why you would own a house and not have homeowner's insurance, even if it is the minimum coverage. Same with owning a car and not having auto insurance. Quote Link to comment Share on other sites More sharing options...
elkoholic Posted January 28, 2009 Report Share Posted January 28, 2009 Insurance is a gamble. The insurance company is gambling that you will never need it. If you do not have insurance you are gambling that you will never need it. My theory is that it is better to have it and not need it than to need it and not have it. Life happens, and yes, it can happen to you. Home owners insurance, along with personal property insurance, should be reviewed and updated every year as replacement costs may have far outpaced your policy value. Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted January 29, 2009 Report Share Posted January 29, 2009 insurance is never worth the money. until you need it, of course. these folks made a conscious decision not to insure their home... and lost. while i'm sorry for them, they now realize it was a mistake. so be it. they now have to pay themselves for their losses. me, i buy insurance each and every year, and am most happy to not collect on it. i've had vehicle insurance for 46 years, and never had an accident. good. i've had life insurance since i was 18, and they still haven't paid a cent. even better. lol Quote Link to comment Share on other sites More sharing options...
buckee Posted January 29, 2009 Report Share Posted January 29, 2009 I don't know anyone. I wouldn't be without it. Quote Link to comment Share on other sites More sharing options...
NS whitetail Posted January 29, 2009 Author Report Share Posted January 29, 2009 i've had life insurance since i was 18, and they still haven't paid a cent. even better. lol haha, the same here steve Quote Link to comment Share on other sites More sharing options...
texastrophies Posted January 29, 2009 Report Share Posted January 29, 2009 insurance is never worth the money. until you need it, of course. these folks made a conscious decision not to insure their home... and lost. while i'm sorry for them, they now realize it was a mistake. so be it. they now have to pay themselves for their losses. me, i buy insurance each and every year, and am most happy to not collect on it. i've had vehicle insurance for 46 years, and never had an accident. good. i've had life insurance since i was 18, and they still haven't paid a cent. even better. lol You do realize don't you, Steve, that you will never come out ahead on that life ins. :D:D I really can't say to much right now about ins., I am in a rent house currently and don't have renters insurance. Not very smart, I know, but will hopefully be buying a house as soon as my loan gets approved, paper work already in, so if I can make it a few more weeks I will sneak by this time, if not, well, at least I can use the money I saved on insurance to buy some new clothes.:rolleyes: Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted January 29, 2009 Report Share Posted January 29, 2009 Our retired neighbor has no property or home insurance. We went without for a couple months after state farm dumped us over a claim from wind damage. Insurance is a gamble the way some people see it, and if they never had to use it, that is money they can put in their pocket. Guess if you figure years of paying premiums and not filing a claim, if you put what you would have paid in premium into an account, you might have a nice chunk put back. That in mind seems a valid argument, just a matter of whether or not you are willing to take the risk. Quote Link to comment Share on other sites More sharing options...
Deb Posted January 29, 2009 Report Share Posted January 29, 2009 I guess if your home is paid for, one could be as foolish as they want and not have insurance! I don't know of a mortgage co. that doesn't require insurance!! Quote Link to comment Share on other sites More sharing options...
RangerClay Posted January 29, 2009 Report Share Posted January 29, 2009 I have homeowners insurance and I cannot understand why people don't buy it. However as a teacher I see everyday the sacrifices adults make because their cigarettes are more important than buying a coat for their kid in winter. Quote Link to comment Share on other sites More sharing options...
pendog Posted January 29, 2009 Report Share Posted January 29, 2009 I have homeowners insurance and I cannot understand why people don't buy it. However as a teacher I see everyday the sacrifices adults make because their cigarettes are more important than buying a coat for their kid in winter. Yep...Priorities...Some don't care. Quote Link to comment Share on other sites More sharing options...
Rhino Posted January 29, 2009 Report Share Posted January 29, 2009 Is it just me or do most mortage companies escrow funds for insurance and property taxes? The escrowed funds come out of my monthly payments. I used to pay my own property taxes but when I refinanced my house some time ago the terms of refinancing by the mortage company called for them to escrow funds and pay both of those expenses on my behalf. Quote Link to comment Share on other sites More sharing options...
NS whitetail Posted January 29, 2009 Author Report Share Posted January 29, 2009 Is it just me or do most mortage companies escrow funds for insurance and property taxes? The escrowed funds come out of my monthly payments. I used to pay my own property taxes but when I refinanced my house some time ago the terms of refinancing by the mortage company called for them to escrow funds and pay both of those expenses on my behalf. I also pay the property taxes every week with my house payment ( yes, I pay a house payment every week, it sure cuts years off the mortgage ). Home owners insurance, I do once a year on my own. Quote Link to comment Share on other sites More sharing options...
Mach1 Posted January 30, 2009 Report Share Posted January 30, 2009 Is it just me or do most mortage companies escrow funds for insurance and property taxes? The escrowed funds come out of my monthly payments. I used to pay my own property taxes but when I refinanced my house some time ago the terms of refinancing by the mortage company called for them to escrow funds and pay both of those expenses on my behalf. That's how we have ours setup. It was by choice for us. Two less things we have to worry about paying on time. Quote Link to comment Share on other sites More sharing options...
Swamphunter Posted January 30, 2009 Report Share Posted January 30, 2009 Sorry Swampy but that is Mortgage Insurance, not home owners. Big difference. ....popgun Oops... sorry, I knew that popgun, just had a brain fart! Quote Link to comment Share on other sites More sharing options...
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