Stopped mine 20 years ago. 1 year after I bought the house. Paid it off after one years and never paid a penny after that, I did check on the cost about 6 months ago and it is crazy expensive. If it burns I will just sell the land and move to a cheap state.
Insurance prices in FL skyrocketed. Our house is 2500 Sq feet and this year it is close to 5K to insure it. And then if you do have a valid claim, they will fight you tooth and nail to not pay. Many people pay the houses off and cancel the insurance because it is insanely expensive.
Oh no, 5k a year to insure your what, 200-400k dollar home? My car insurance is 3,600 a year to insure a 2014 Chevy Cruze worth 6-7k and a 2018 GMC Sierra worth 35k.
@@dedalliance1 they wanted to increase from $6k to $8k annually to insure my dads $115k home. He told them to pound sand, paid off the house and started putting that money into a saving account. Now he can replace his $30k roof and pay for any other repairs with the money he kept instead of giving it to insurance. He’s live in his home for 23 years, never filed a claim but paid around $80k over the years for the insurance he never used. Now he does have liability insurance still though in case someone gets injured at his home and wants to sue.
Yes, tons of NY and CA migrants that couldn't afford Texas after they already moved there in droves in early 2020, migrated to places with similar weather to CA, but cheaper, because their inflation index was higher than Florida's ever was they pushed out the lower to upper middle class segment out of their own state. Home prices TRIPLED because of Californians and New Yorkers. Abolish immigration.
I am so surprised to see so many people paying cash to the insurance company in return for nothing, why can we get a bond and self insurance for our houses This is just corruption at its finest, ten years of paying for insurance it’s a bond price for sure
Our home will soon be paid off completely soon and we as well do not plan on paying for homeowners insurance anymore due to the fact that when it comes to insurance company having to paid for damages they do little if anything for the homeowner!! They can all kiss my ass!! We will invest that money elsewhere and hope to have enough to fix anything that’s broken.
I'm thinking of letting my homeowner insurance lapse I got cancelled and was transferred to current broker carrier under state mandatory one year waiver after which I'll be dropped. Got 8 more months left than cost will quadruple I'd rather spend the money on repairs, and upgrades.
It depends. Each circumstance is different. My dad is in Florida, paid off the house and stopped paying for homeowners insurance. What he did instead of paying $6k to the insurance he puts that money in a bank account every year and has enough money saved now to replace the roof and then some.
Also please don't underinsured your home. For example if its worth 300k and you insure for 200k then the insurance company will say you are only insured for two thirds the value of the claim as you only insured that fraction of the risk. If you had a total loss then you would not get 200k but only two thirds of 200k. Lots of people dont realise this but I worked in this area a while ago and that's how claims get settled. Same for partial losses. You have a fire damage worth 50k then you only get two thirds of that too.
So if you live in your 200k house and it completely burns down (worst case scenario), they only give you 132k... if you're paying 8k per year in insurance then in 16.5 years you've lost your money. Insurance is a total scam.
50 years old. Paid off house 8 years ago. So, 8 years without insurance. Have never filed a claim or received a cent from insurance company. 34 years of driving and I've never filed a claim. Of course since I was 21, I've only had liability and never had an issue. Understand this has saved me more than enough to purchase nearly any new car that I want. Only someone that doesn't understand mathematics, statistics and probability, would call someone an idiot to not consider going insurance free. Dave isn't an idiot, he's just a douche bag, not illegal!
What kind of person would ask if they should or should not carry homeowners insurance? Unless you're okay with the place burning to the ground, everyone should always have it. And before someone says their claim was denied, its just like health insurance. You shouldn't use it for small problems, you use it for big problems.
Part of it is because her husband always handled the finances and they did not do it together. When my cousin passed away, my cousins wife almost did the same thing. My cousins sister called me to let me know and I called his wife. Who was also my best friend. I called her right away and she changed her mind.
They are definitely attempting to “broaden” the company beyond Dave so that Ramsey solutions survives him as he continues to step back from the company and the show.
@@ForTheChristians but if he retires why still call it the ramsey show when he's not there? It be like calling the dave chappele show the dave chappelle when dave chappelle doesn't even do any of the sketches
My manufactured home on 1/4 acre was paid off recently, CA. Later Insurance cancelled All Ca. Policies was transferred to a broker under state mandatory one year waiver, afterwards it will quadruple I'm letting it lapse and spend it on needed interior repairs and bathroom upgrades. I'm 63 and retired&tired of the financial hustle.
Paid my house off after five years. Canceled insurance. Lived in it for 20 years and sold it for great profit. No other homes in my neighborhood burnt down. I saved forty k on insurance over the years.
Did the same. I live in a neighborhood with about 1200 houses. I never remember one burning or any serious damage due to weather. Never insured my home.
I am from Germany, since Dave talked about car insurance. The main reason I have car insurance is not necessarily to cover damage to my own vehicle but to cover the damage my vehicle could cause in case of an accident to others. Which could be millions. Don't know how it is in the US.
Everyone has to have liability (unless they want to post a really big bond), which is for the damage you cause to other people. They are talking about coverage for your actual car.
Just increase the deductible from $1k to $5k-$10k if you want to save some money and you're ok with replacing the roof yourself. You have to have it for catastrophic losses though
When millions of Americans can’t afford a $400 emergency the idea of raising the deductible is hard for them to do. Majority of homes in Florida have tile roofs which cost around $30k to replace. There are older homes with shingles of course but tile roof is becoming the norm in Florida now especially if your home is on the coast.
@@xxxxMonkeyGirlxxxx This is a baby step 4-6 issue. Once you are debt free with a fully funded emergency fund raising the deductible won't be difficult.
@@xxxxMonkeyGirlxxxxIt cost $11,000 to replace my roof in Iowa. Insurance covered it, but that was the cost. Florida is asinine - couldn't pay me enough to live there!!
If you can pay off your mortgage you can drop your homeowners insurance and self insure. It just takes some planning. You can also find high deductible catastrophic plans just in case.
My neighbors house burned down with a fire dept less than five miles away. It was so bad that the goal was to prevent the spread of fire. It was a total loss
But how many people don't have health insurance. I have very little. I'm 59 and my homeowner's insurance has skyrocketed to $2500 a year, or over $200 a month. I just paid off my house and I'm trying hard to put cash back in the bank but the insurance company wants their money next month. I just hate to save up the money just to take it back out. I could use that money for rewiring the house. My house was also built in 1959. $2500 would help a lot and in two years it would be $5000, and three years $7,500. I can look into raising the deductible though. Anything to drop the cost of the insurance which was raised by some 90% in ONE YEAR here in Florida.
Can a person lower their coverage for certain things? For example, if my personal property coverage is say, 645k but I only have around 50k worth of personal property, can I get my coverage lowered to 50K? If you can, then this would be a really good way to lower your monthly bill. I'm noticing my liability is too high as well. They have it at 300k. Would like to lower that to 100k. People should check their policies and see just how much coverage they are paying for, and possibly get it reduced or removed. There's no reason I should be forced to pay for personal property inside my home that I don't have. 645k is insane!
House fire in my city the fire department was busy on another call so the first department on scene came from 10 miles away. A lot can burn in the time it took them to get there
My next door neighbors are dirt poor, they had a BIG fire at their old family home a year ago. No insurance (it was their Mom on the title, she was dying in hospice). The city condemned it, came and bulldozed the burned-out shell. They are NOW living in essentially a homeless encampment on their barren family property. I let them get water from my outdoor faucet, but that's the limit of what I can do! Sad. I will NEVER let my insurance lapse!!
The friend’s advice is crazy!! These two things are almost completely unrelated. Fire station being two blocks away is her mantra... BUT it’s anyone’s guess what can actually happen, how quickly they will be notified or how much water/smoke/structural damage will happen. It’s also not only fire that can cause severe damage. That is just crazy advice to not have the insurance. The house might be paid off but the next one (if damage is massive) is NOT!
Get with a insurance company that shops to get you a better price. They do all the work for you and let you know what they have found. Look into it. Good luck.
I wonder if you can get insurance from a state next door to Florida and get a better premium but I don't know if that is possible. I'm a thinker though lol
Is it legal for them to do that to the local population that has been there since they were born seems kinda bullying the people out of home and birth place (natives are probably laughing )
Some homes the land is worth more money then the house. The land and the house together is what make the value of the house. A total devastation is hard to do any damage to the land.
Go with a higher deductible if you want to save money. I have a second vehicle (farm truck) with just liability. It's not worth the cost of the monthly premiums. Went with a 1k deductible for the other vehicle. Saved a bunch on the premium. Well worth doing if you can financially do so and afford to let the deductible money sit.
Insurance in the south has gotten so Fn high that if you don’t have a forrest for a yard and you live on a hill you’re probably better off without it.. haz insurance just more than doubled on me.
Lots of weird advice on this call. An open equity line is not a lien on your house unless you took money out. You need to also evaluate the house value vs insurance cost, its not a blind "yes" or "no" question.
Allstate canceled my house insurance I’ve had all state for many years and they stabbed me in the back! Live in CA don’t live in fire areas or flood areas horrible company especially my agent I had for years Ashley Shanander never told me why I send her a certified letter still she ignore me!
True story: someone I know dropped the insurance on her paid for house. She was out of town when a pipe burst and flooded the home. Place had to be gutted. Baseboard heat had to be replaced, mold, etc. She couldn't repair it because she didn't have enough money. Penny wise and pound foolish.
whenever out of town for more than a day = close the water main. it would be wise to do it every time you leave the house, but who does that, maybe i will start
why not get a loan and fix the issue then pay off loan? Probably would cost the same as holding insurance on the home (especially with the high rates people are being saddled with now). Insurance used to be a no-brainer; it was a super cheap value proposition. but now the cost advantage isn't there.
How do you get insurance companies to help you with repair for your roof. We can't control the weather. They told my husband and I that we missed the window of our claim in one of the disasters. We were told they will not help us with the new damage of the recent disaster until we pay out of pocket for the previous damage. We can't so we have a leaking roof and they aren't helping.
Simple rule for insurance. If the damage costs you a fortune, then it's worth to get a insurance. Sure a broken cellphone is unpleasant, but absolutely not worth to have a insurance for that. A burned down house? Were you gonna live?
I hope she realizes the fire department can make more of a mess than the actual fire. Also, just because the fire department is two minutes away doesn’t mean they’ll be available if something happens. I had a housefire years ago and several departments had to show up, they were away from their area if something else were to happen. Insurance is just a good piece of mind and will help you sleep at night.
One important thing is if disaster strikes the insurance company hires and pays the contractors that are vetted and used by them, so no headache of searching and getting ripped off or bad customer service and no shows.
This is a little different. I have 20 acres in 80 year old red pine. I've been told it's worth roughly $100,000. I don't intend to sell the lumber. I've been told it's not insured with homeowner's insurance. Forestry insurance requires a special agent to make an estimate. Should I do that? Oh, there's been fires around here.
Hi Everyone, I am a licensed Insurance agent and if anyone has any questions please feel free to reach out regarding any insurance needs. Great video as always Mr. Ramsey and keep up the great work!
If you pay off your car, do you get rid of car insurance? That’s the logic that this friend is basically saying. Yes I know it’s different and car insurance is required by law but still, you never know what could happen with your house.
If you pay off your car you absolutely get rid of comprehensive, the insurance that covers the tree falling on it while not driving. Auto insurance to cover accidents is an entirely different thing.
I mean I'm not that old but I've never had any home of mine be burnt down or have serious damage or total loss situations and I've never known anyone that I can think of that has. The odds of something bad happening are pretty low, but they do happen and can or could happen to anyone.
I'm in central CA. no floodzone, hurricanes , sink holes, snow/ice storms, or arthquake fault lines, I'm getting cancelled by my insurance after recently paying off my manufactured home on 1/4 acre I'm letting it lapse rather than scrambling to pay quadruple insurance if it's even available. I'm 63 retired living off my social security benefits for now, I'd rather spend the insurance money on interior/exterior upkeep and upgrades. SCREW-IT😂
My residence was built to be a telephone switching station. It was built to contain an explosion. 16 inch thick brick walls, poured concrete roof, poured concrete floors. I have 10,000 dollars invested in purchase and repairs. What can happen to it and how much is my loss??? I self insure.
The house I recently inherited is insured. But not mostly for typical reasons. It’s because my sister thinks it’s hers, she’s broken in before and I know she may burn it to the ground.
A happy middle place here might be to have your deductible raised that you carry on your insurance plan. This will lower your monthly payment for the home owners insurance and still give you the same replacement coverage and liability, but you know you aren’t going to use the insurance unless you need it for something serious that happens with the house.
That's what I do my home is paid off, I still have insurance but my deductible is is high, but because have no mortgage I was able to save enough to cover the high deductible
@@datnohi8612 That is great, I'm so happy for you. I agree that you made the right decision. I'm wondering how much a 10k deductible will drop a 9K premium. And here is something else very interesting. When I look at my insurance it has me covered for 645k worth for personal property. I don't have nearly that much personal property! I'd rather be insured for maybe 50K or even none! You would think this would drop someone's insurance significantly as well. But I don't know if the insurance company would let you. So far I've heard one person say their insurance company wouldn't let them drop below a certain amount. They also have my Liability way too high as well. Would love to drop that one lower too, and they have 87K for other structure, which we don't even have. So, just saying, people might want to check theirs too, and possibly get this stuff lowered, or removed.
Man, some people are stupid! The whole point of insurance is to protect yourself from low-probability, high-consequence events. And to even think about dropping home insurance in Florida? Ever heard of hurricanes? Sink holes?
Lord have mercy, the questions people ask. Also, you can't lower the replacement cost. If you underinsure a building there can be a coinsurance penalty that reduces what's paid for any claim.
Even if the fire department is two blocks away, what are you going to do if they can’t respond as quick as you’d think? They may be further away at the moment. They aren’t always just at the station either.
Speaking of insurance, how about adult children buying a life insurance policy on parents who don’t listen on advice of starting a funeral fund so not to burden the children with unexpected costs? I live on a fixed income and disabled. I already have $ saved up in case of emergency. I wouldn’t want to burden anyone. I try to explain it to them but I just can’t seem to get through. Any advice?
Funerals are like weddings, they are only as expensive as you want them to be. When my dad passed away, mom would have spent 30k more than needed if i did not step in.
Having an equity flex agreement is not a loan unless you actually drawn from it. It’s a way expand your money use liquidity. Yes it has limits. As long as your financial discipline remains intact.
If you’re going to stop paying the insurance, you need to take the amount of the premium and invest it so there will be money there if you need it for repairs. If you’re lucky, it will be a long time before you need it. If you’re unlucky, a tree will fall on your house the month after you cancel the insurance. “you've gotta ask yourself a question: 'Do I feel lucky?' Well, do ya, punk?” 😂 Lol
I normally agree with Dave Ramsey but I have to disagree with him here. Insurance in Florida call 6 to 7 grand on average and the insurance companies are not stupid they know that in the end they will come out way ahead. Put that money aside and self-insured in the event something happens. Fires are extremely rare on newer homes and hurricanes do not typically damage homes outside of the coastal communities.
There is no such thing as full coverage. That’s why you purchase an umbrella policy to pick up where the auto / home owners insurance maxes out. C’mon Dave you know better!
her house is paid off so its not applicable in this situation but there are ways to not have it even if you have a mortgage. Not a good idea. What people do is cancel it or just stop paying after they already have the mortgage in place.
I’d drop it in a heartbeat. Home owners insurance is indeed a scam. Even if you were to have a fire you still have to pay a deductible which you may or may not have the money for. Not to mention. It doesn’t cover the more important things in life like pictures and things a person made who is dead now. At that point in time I’d much rather not have it than have it.
Stopped mine 20 years ago. 1 year after I bought the house. Paid it off after one years and never paid a penny after that, I did check on the cost about 6 months ago and it is crazy expensive. If it burns I will just sell the land and move to a cheap state.
Lol, don't worry about the fire, the water damage to put it out can sometimes be far worse.
Insurance prices in FL skyrocketed. Our house is 2500 Sq feet and this year it is close to 5K to insure it. And then if you do have a valid claim, they will fight you tooth and nail to not pay. Many people pay the houses off and cancel the insurance because it is insanely expensive.
That's the reason my parents never had homeowners insurance they couldn't afford it.
Oh no, 5k a year to insure your what, 200-400k dollar home? My car insurance is 3,600 a year to insure a 2014 Chevy Cruze worth 6-7k and a 2018 GMC Sierra worth 35k.
@@dedalliance1 they wanted to increase from $6k to $8k annually to insure my dads $115k home. He told them to pound sand, paid off the house and started putting that money into a saving account. Now he can replace his $30k roof and pay for any other repairs with the money he kept instead of giving it to insurance. He’s live in his home for 23 years, never filed a claim but paid around $80k over the years for the insurance he never used. Now he does have liability insurance still though in case someone gets injured at his home and wants to sue.
@@dedalliance1 You must be high risk. Yikes.
Got a serious question if you still doing payments on the house do you necessarily have to have home insurance?
its easy for someone with a lot of money to tell someone to buy something expensive they will probably never need.
Aww a self made victim. Poor you
The fire station is not there to keep your house from burning down, they are there to keep your neighbors house from burning down too.
That’s what I was thinking.
they rarely save a house that is already on fire.
What if you lose the house because you can no longer afford the insurance. Florida is experiencing that now.
Yes, tons of NY and CA migrants that couldn't afford Texas after they already moved there in droves in early 2020, migrated to places with similar weather to CA, but cheaper, because their inflation index was higher than Florida's ever was they pushed out the lower to upper middle class segment out of their own state. Home prices TRIPLED because of Californians and New Yorkers. Abolish immigration.
I am so surprised to see so many people paying cash to the insurance company in return for nothing, why can we get a bond and self insurance for our houses
This is just corruption at its finest, ten years of paying for insurance it’s a bond price for sure
Our home will soon be paid off completely soon and we as well do not plan on paying for homeowners insurance anymore due to the fact that when it comes to insurance company having to paid for damages they do little if anything for the homeowner!! They can all kiss my ass!! We will invest that money elsewhere and hope to have enough to fix anything that’s broken.
I'm thinking of letting my homeowner insurance lapse I got cancelled and was transferred to current broker carrier under state mandatory one year waiver after which I'll be dropped. Got 8 more months left than cost will quadruple I'd rather spend the money on repairs, and upgrades.
The day she stops paying the insurance, something will happen to the house. It's there for emergencies.
Murphy's law ...
It depends. Each circumstance is different. My dad is in Florida, paid off the house and stopped paying for homeowners insurance. What he did instead of paying $6k to the insurance he puts that money in a bank account every year and has enough money saved now to replace the roof and then some.
Not really
@@xxxxMonkeyGirlxxxx what if it burns?
I get paid to smoke marijuana in my TH-cam videos 😂😂😎🤷♂️
Our house burned in minutes and we lost everything - never be without insurance!
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Unless you want to buy the whole house again.
😂 “I think your friend is kinda’ dumb”
He wasn't wrong though...LOLOL
Definitely stupid
Also please don't underinsured your home. For example if its worth 300k and you insure for 200k then the insurance company will say you are only insured for two thirds the value of the claim as you only insured that fraction of the risk. If you had a total loss then you would not get 200k but only two thirds of 200k. Lots of people dont realise this but I worked in this area a while ago and that's how claims get settled. Same for partial losses. You have a fire damage worth 50k then you only get two thirds of that too.
So if you live in your 200k house and it completely burns down (worst case scenario), they only give you 132k... if you're paying 8k per year in insurance then in 16.5 years you've lost your money. Insurance is a total scam.
@@TheTurbineEngineera big scam and why forcing us to pay anyways
50 years old. Paid off house 8 years ago. So, 8 years without insurance. Have never filed a claim or received a cent from insurance company. 34 years of driving and I've never filed a claim. Of course since I was 21, I've only had liability and never had an issue.
Understand this has saved me more than enough to purchase nearly any new car that I want.
Only someone that doesn't understand mathematics, statistics and probability, would call someone an idiot to not consider going insurance free.
Dave isn't an idiot, he's just a douche bag, not illegal!
Smart person, I totally agree with your last statement.
What kind of person would ask if they should or should not carry homeowners insurance? Unless you're okay with the place burning to the ground, everyone should always have it. And before someone says their claim was denied, its just like health insurance. You shouldn't use it for small problems, you use it for big problems.
Part of it is because her husband always handled the finances and they did not do it together. When my cousin passed away, my cousins wife almost did the same thing. My cousins sister called me to let me know and I called his wife. Who was also my best friend. I called her right away and she changed her mind.
I don't live in fl and even I know to carry home owners insurance. That's hurricane capital. 😬😬😬
Fema pays for hurricane damages. Have a buddy who got money from his leaky roof damaging his assets and the landlord got paid for a new roof.
Welcome to the dave ramsey... ramsey show!
Seems like an unnecessary change
@@rm2kmidi agreed
They are definitely attempting to “broaden” the company beyond Dave so that Ramsey solutions survives him as he continues to step back from the company and the show.
@@ForTheChristians but if he retires why still call it the ramsey show when he's not there? It be like calling the dave chappele show the dave chappelle when dave chappelle doesn't even do any of the sketches
The feds are trying to lock me up because i get paid to smoke marijuana in my TH-cam videos 😂😂
After paying off my house ...I thought of dropping my home owners insurance. But then I smacked myself in the face and came to my senses.
lol
So you can’t get rid of home insurance if you doing payments
@@1timerodNo, the bank requires it to protect themselves.
@@1timerodLife insurance surely? To pay off the debt if you die. Contents and container is optional.
My manufactured home on 1/4 acre was paid off recently, CA. Later Insurance cancelled All Ca. Policies was transferred to a broker under state mandatory one year waiver, afterwards it will quadruple I'm letting it lapse and spend it on needed interior repairs and bathroom upgrades. I'm 63 and retired&tired of the financial hustle.
Paid my house off after five years. Canceled insurance. Lived in it for 20 years and sold it for great profit. No other homes in my neighborhood burnt down. I saved forty k on insurance over the years.
Where do you live? That some expensive insurance.
That's good for you but definitely not the norm
Did the same. I live in a neighborhood with about 1200 houses. I never remember one burning or any serious damage due to weather. Never insured my home.
I am from Germany, since Dave talked about car insurance. The main reason I have car insurance is not necessarily to cover damage to my own vehicle but to cover the damage my vehicle could cause in case of an accident to others. Which could be millions. Don't know how it is in the US.
Well in the US it’s way more crazy but we manage though .how’s the economic system of the Germany I have always wanted to visit
Everyone has to have liability (unless they want to post a really big bond), which is for the damage you cause to other people. They are talking about coverage for your actual car.
She needs new friends. Plus she lives in FL with all that bad weather. Keep the insurance and kick your friend to the curb.
My friend’s house was less than a block away from fire station and house almost burned down to the ground.
doesn't really matter how close the station is....it's not like they don't respond to other calls ever...
Lol what a friend. Why bother having car insurance too.
Just increase the deductible from $1k to $5k-$10k if you want to save some money and you're ok with replacing the roof yourself. You have to have it for catastrophic losses though
Completely agree
When millions of Americans can’t afford a $400 emergency the idea of raising the deductible is hard for them to do. Majority of homes in Florida have tile roofs which cost around $30k to replace. There are older homes with shingles of course but tile roof is becoming the norm in Florida now especially if your home is on the coast.
@@xxxxMonkeyGirlxxxx This is a baby step 4-6 issue. Once you are debt free with a fully funded emergency fund raising the deductible won't be difficult.
@@xxxxMonkeyGirlxxxxIt cost $11,000 to replace my roof in Iowa. Insurance covered it, but that was the cost. Florida is asinine - couldn't pay me enough to live there!!
Just how much will a 10k deductible lower your monthly payments?
You’re in Florida! Mold, water and sink holes are a bigger threat than your house burning down. Keep that insurance primed!
Most insurance doesn't cover mold or sinkholes
Mine does, you have to ask for it. Not for sink hole because at that point cutting and leaving is cheaper, but water and mold damage can break you.
If you can pay off your mortgage you can drop your homeowners insurance and self insure. It just takes some planning.
You can also find high deductible catastrophic plans just in case.
Maybe I don't get it because I'm not from the US. What's the difference between Homeowners Insurance and being Self Insured please?
My neighbors house burned down with a fire dept less than five miles away. It was so bad that the goal was to prevent the spread of fire. It was a total loss
But how many people don't have health insurance. I have very little. I'm 59 and my homeowner's insurance has skyrocketed to $2500 a year, or over $200 a month. I just paid off my house and I'm trying hard to put cash back in the bank but the insurance company wants their money next month. I just hate to save up the money just to take it back out. I could use that money for rewiring the house. My house was also built in 1959. $2500 would help a lot and in two years it would be $5000, and three years $7,500. I can look into raising the deductible though. Anything to drop the cost of the insurance which was raised by some 90% in ONE YEAR here in Florida.
Same in Louisiana
I'd say just save that money and pay for repair/damage yourself.
Please!!!! The rates in Florida so high you better off being self insured if your house paid off!
No Dave. Orlando means hurricane season. Hello from Tampa. Getting ready for the rain
Can a person lower their coverage for certain things? For example, if my personal property coverage is say, 645k but I only have around 50k worth of personal property, can I get my coverage lowered to 50K? If you can, then this would be a really good way to lower your monthly bill. I'm noticing my liability is too high as well. They have it at 300k. Would like to lower that to 100k. People should check their policies and see just how much coverage they are paying for, and possibly get it reduced or removed. There's no reason I should be forced to pay for personal property inside my home that I don't have. 645k is insane!
Insurance companies don’t pay out anymore 😊
Some go bankrupt and never pay.
It the whole scheme of things, house insurance is cheap. Don’t think about just replacement value. Injuries and lawsuits protection are a must
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House fire in my city the fire department was busy on another call so the first department on scene came from 10 miles away. A lot can burn in the time it took them to get there
My next door neighbors are dirt poor, they had a BIG fire at their old family home a year ago. No insurance (it was their Mom on the title, she was dying in hospice). The city condemned it, came and bulldozed the burned-out shell. They are NOW living in essentially a homeless encampment on their barren family property. I let them get water from my outdoor faucet, but that's the limit of what I can do! Sad. I will NEVER let my insurance lapse!!
A small kitchen fire can take out the entire house with smoke and water damage.
The friend’s advice is crazy!! These two things are almost completely unrelated. Fire station being two blocks away is her mantra... BUT it’s anyone’s guess what can actually happen, how quickly they will be notified or how much water/smoke/structural damage will happen. It’s also not only fire that can cause severe damage. That is just crazy advice to not have the insurance. The house might be paid off but the next one (if damage is massive) is NOT!
right now i have my house insured BUT if they charge us anymore here in florida i may not have any choice but to dump it!
Get with a insurance company that shops to get you a better price. They do all the work for you and let you know what they have found. Look into it. Good luck.
@@ricknelson4793 I have already gone that route ! here in florida we dont have many to chose from and so you can do it yourself like i did!
I wonder if you can get insurance from a state next door to Florida and get a better premium but I don't know if that is possible. I'm a thinker though lol
@@ricknelson4793 "all" insurance companies know to stay away from florida.
the best insurance in florida is = stormproof your house.
Yes. This didn’t age well, Florida insurance just sky rocketed, some tripled. People are not able to afford these insurances
Is it legal for them to do that to the local population that has been there since they were born seems kinda bullying the people out of home and birth place (natives are probably laughing )
Some homes the land is worth more money then the house. The land and the house together is what make the value of the house. A total devastation is hard to do any damage to the land.
Go with a higher deductible if you want to save money. I have a second vehicle (farm truck) with just liability. It's not worth the cost of the monthly premiums. Went with a 1k deductible for the other vehicle. Saved a bunch on the premium. Well worth doing if you can financially do so and afford to let the deductible money sit.
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Thats what I did, 1k deductible. I can eat $1k much easier than 10k.
@@mph5896 word of advice friend!
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you play stupid games, you get stupid prizes
I don't have property insurance for the past four years.
Insurance in the south has gotten so Fn high that if you don’t have a forrest for a yard and you live on a hill you’re probably better off without it.. haz insurance just more than doubled on me.
Lots of weird advice on this call. An open equity line is not a lien on your house unless you took money out. You need to also evaluate the house value vs insurance cost, its not a blind "yes" or "no" question.
Homeowners insurance is cheap if you break it down annually.
Liza from Hurricane Country wants to know if she should carry homeowners insurance 😂
Allstate canceled my house insurance I’ve had all state for many years and they stabbed me in the back! Live in CA don’t live in fire areas or flood areas horrible company especially my agent I had for years Ashley Shanander never told me why I send her a certified letter still she ignore me!
True story: someone I know dropped the insurance on her paid for house. She was out of town when a pipe burst and flooded the home. Place had to be gutted. Baseboard heat had to be replaced, mold, etc. She couldn't repair it because she didn't have enough money. Penny wise and pound foolish.
whenever out of town for more than a day = close the water main.
it would be wise to do it every time you leave the house, but who does that, maybe i will start
why not get a loan and fix the issue then pay off loan? Probably would cost the same as holding insurance on the home (especially with the high rates people are being saddled with now). Insurance used to be a no-brainer; it was a super cheap value proposition. but now the cost advantage isn't there.
How do you get insurance companies to help you with repair for your roof. We can't control the weather. They told my husband and I that we missed the window of our claim in one of the disasters. We were told they will not help us with the new damage of the recent disaster until we pay out of pocket for the previous damage. We can't so we have a leaking roof and they aren't helping.
I still carry full coverage on my 93 truck because it's cheaper than writing a check out of my account
Simple rule for insurance. If the damage costs you a fortune, then it's worth to get a insurance.
Sure a broken cellphone is unpleasant, but absolutely not worth to have a insurance for that. A burned down house? Were you gonna live?
This is mind-numbingly stupid. Stop taking financial advice from a know it all 'friend' or 'brother in law' or whatever..
Her proximity to the fire station, depending on the rating of her fire service is factored into her insurance premiums
I hope she realizes the fire department can make more of a mess than the actual fire. Also, just because the fire department is two minutes away doesn’t mean they’ll be available if something happens. I had a housefire years ago and several departments had to show up, they were away from their area if something else were to happen. Insurance is just a good piece of mind and will help you sleep at night.
I’m not a homeowner, how much a month is a typical policy on a home and what kinds of damages would it cover?
That’s not a good friend.
Also there’s possible water damage,mold,and smoke damage as well.
Self-insured is the best way to go. Insurance companies are a scam.
One important thing is if disaster strikes the insurance company hires and pays the contractors that are vetted and used by them, so no headache of searching and getting ripped off or bad customer service and no shows.
This is a little different. I have 20 acres in 80 year old red pine. I've been told it's worth roughly $100,000.
I don't intend to sell the lumber. I've been told it's not insured with homeowner's insurance.
Forestry insurance requires a special agent to make an estimate. Should I do that?
Oh, there's been fires around here.
The fire station is 2 blocks from my house too but I'm not the only house in this city and sometimes other people need fire trucks too.
HO Policies offer way more coverage than just the home.
Hi Everyone, I am a licensed Insurance agent and if anyone has any questions please feel free to reach out regarding any insurance needs. Great video as always Mr. Ramsey and keep up the great work!
Hello, why would my home owners insurance go up $800 a month. I'm in central Texas
And I would like to know why I have to pay 645k for personal property coverage when my personal property is only worth 50K ?
If you pay off your car, do you get rid of car insurance? That’s the logic that this friend is basically saying. Yes I know it’s different and car insurance is required by law but still, you never know what could happen with your house.
If you pay off your car you absolutely get rid of comprehensive, the insurance that covers the tree falling on it while not driving. Auto insurance to cover accidents is an entirely different thing.
Why would anyone cancel their home insurance? Why would anyone listen to someone who says to cancel it?
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I mean I'm not that old but I've never had any home of mine be burnt down or have serious damage or total loss situations and I've never known anyone that I can think of that has. The odds of something bad happening are pretty low, but they do happen and can or could happen to anyone.
@@dedalliance1 well, here is a advice
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What can happen??? Anything lady!
FINANCIAL RISK is everywhere! Protect yourself out there!
I'm in central CA. no floodzone, hurricanes , sink holes, snow/ice storms, or arthquake fault lines, I'm getting cancelled by my insurance after recently paying off my manufactured home on 1/4 acre
I'm letting it lapse rather than scrambling to pay quadruple insurance if it's even available. I'm 63 retired living off my social security benefits for now, I'd rather spend the insurance money on interior/exterior upkeep and upgrades. SCREW-IT😂
If you own your home, keep the insurance against fire but get rid of the wind. Especially if you have a new roof.
What happens if homeowners insurance is 6k for a 400k home?
My residence was built to be a telephone switching station. It was built to contain an explosion. 16 inch thick brick walls, poured concrete roof, poured concrete floors. I have 10,000 dollars invested in purchase and repairs. What can happen to it and how much is my loss??? I self insure.
Has anyone had experience with Kin Insurance living in central Florida? Are they reputable?
The house I recently inherited is insured. But not mostly for typical reasons. It’s because my sister thinks it’s hers, she’s broken in before and I know she may burn it to the ground.
A happy middle place here might be to have your deductible raised that you carry on your insurance plan. This will lower your monthly payment for the home owners insurance and still give you the same replacement coverage and liability, but you know you aren’t going to use the insurance unless you need it for something serious that happens with the house.
Murphy’s law says that as soon as you do that a tree will fall on your house.
That's what I do my home is paid off, I still have insurance but my deductible is is high, but because have no mortgage I was able to save enough to cover the high deductible
@@datnohi8612 Just how much does that decrease your monthly payments? A little or a lot?
@cannotbeshaken7889 my principal was 3k with a regular deductible, I went to a 10k deductible came down to 1000
@@datnohi8612 That is great, I'm so happy for you. I agree that you made the right decision. I'm wondering how much a 10k deductible will drop a 9K premium. And here is something else very interesting. When I look at my insurance it has me covered for 645k worth for personal property. I don't have nearly that much personal property! I'd rather be insured for maybe 50K or even none! You would think this would drop someone's insurance significantly as well. But I don't know if the insurance company would let you. So far I've heard one person say their insurance company wouldn't let them drop below a certain amount. They also have my Liability way too high as well. Would love to drop that one lower too, and they have 87K for other structure, which we don't even have. So, just saying, people might want to check theirs too, and possibly get this stuff lowered, or removed.
Can't forget about the liability provided on your homeowners policy. You lose that if you cancel your policy as well.
Man, some people are stupid! The whole point of insurance is to protect yourself from low-probability, high-consequence events. And to even think about dropping home insurance in Florida? Ever heard of hurricanes? Sink holes?
exactly, which is why premiums should be dirt cheap right?
On a roof would you rather pay a 5k deductible or 20k to contractor?
Lord have mercy, the questions people ask.
Also, you can't lower the replacement cost. If you underinsure a building there can be a coinsurance penalty that reduces what's paid for any claim.
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Even if the fire department is two blocks away, what are you going to do if they can’t respond as quick as you’d think? They may be further away at the moment. They aren’t always just at the station either.
My insurance has covered things I had no idea it would cover. I ❤ my insurance.
On the car insurance thing Dave is right on it but in states where they require even fine you if you don’t have car insurance that would not apply.
Anthony O’Neil reacts at times are hilarious because you know he’s thinking “seriously” people
Speaking of insurance, how about adult children buying a life insurance policy on parents who don’t listen on advice of starting a funeral fund so not to burden the children with unexpected costs? I live on a fixed income and disabled. I already have $ saved up in case of emergency. I wouldn’t want to burden anyone. I try to explain it to them but I just can’t seem to get through. Any advice?
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You want your adult children to pay for your life insurance policy? Is that correct?
Funerals are like weddings, they are only as expensive as you want them to be. When my dad passed away, mom would have spent 30k more than needed if i did not step in.
Having an equity flex agreement is not a loan unless you actually drawn from it. It’s a way expand your money use liquidity. Yes it has limits. As long as your financial discipline remains intact.
If you’re going to stop paying the insurance, you need to take the amount of the premium and invest it so there will be money there if you need it for repairs.
If you’re lucky, it will be a long time before you need it.
If you’re unlucky, a tree will fall on your house the month after you cancel the insurance.
“you've gotta ask yourself a question: 'Do I feel lucky?' Well, do ya, punk?” 😂 Lol
I normally agree with Dave Ramsey but I have to disagree with him here. Insurance in Florida call 6 to 7 grand on average and the insurance companies are not stupid they know that in the end they will come out way ahead. Put that money aside and self-insured in the event something happens. Fires are extremely rare on newer homes and hurricanes do not typically damage homes outside of the coastal communities.
There is no such thing as full coverage. That’s why you purchase an umbrella policy to pick up where the auto / home owners insurance maxes out. C’mon Dave you know better!
The way insurance rates are rising save the money and self insure. If your house burned down your land is still worth something.
I'd maybe raise the deductable. But defiantly keep the insurance.
Agreed
A Good Quote, Count your blessings not your problems.
homeowners ins is a joke
Is it even legal not to have it?
If there is a lien on the home, such as a mortgage, then the mortgage company is going to require it. It's not about legalities.
I thought the bank requires you to have homeowners insurance
She said the house is paid off.
her house is paid off so its not applicable in this situation but there are ways to not have it even if you have a mortgage. Not a good idea. What people do is cancel it or just stop paying after they already have the mortgage in place.
Home insurance also pays for people hurting themselves on your property.
That's liability, and can be purchased separate for very cheap
Dave is talking about car insurance like it's not illegal to skip liability coverage.
He talked about collision being optional, not liability
It isn't legally required in all states, including mine. I have it of course, but some do not.
This woman's neighbor is delusional. Any number of things, including localized tornadoes that spin off from thunderstorms, can totally destroy a home.
I’d drop it in a heartbeat. Home owners insurance is indeed a scam. Even if you were to have a fire you still have to pay a deductible which you may or may not have the money for. Not to mention. It doesn’t cover the more important things in life like pictures and things a person made who is dead now. At that point in time I’d much rather not have it than have it.
People can't be that stupid.
You just had a year of watching how stupid and gullible people can be. Nothing surprises me any more .
It seems to me that insurance agencies wouldn't be in business if the cost didn't outweigh the risk. What are the chances of your house burning down?