Home

Poll - owners, do you have homeowners insurance?

 
Post new topic   Reply to topic    Forum -> Household Management -> Finances


View latest: 24h 48h 72h



Do you have homeowners insurance?
Yes, on all property  
 97%  [ 33 ]
Only on primary residence  
 0%  [ 0 ]
No  
 2%  [ 1 ]
Total Votes : 34



imasinger




 
 
 
 

Post Tue, Jun 21 2022, 11:13 am
S/O of the gutted bathroom thread.

I'm just curious why anyone might choose not to insure an investment like this.
Back to top

watergirl




 
 
 
 

Post Tue, Jun 21 2022, 11:15 am
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.
Back to top

amother




Cyan
 

Post Tue, Jun 21 2022, 11:17 am
Some time ago there was a fire in a home in my community. I heard that the owners bought it without a mortgage, and they had no HO insurance. It's still sitting the way it has been since - a burnt out shell.

I totally don't get this. I bought my house without a mortgage (sale of previous home covered it). My lawyer told me straight up, don't buy without having insurance right away.

I also own a rental and I have that insured as well.
Back to top

amother




Mulberry
 

Post Tue, Jun 21 2022, 11:17 am
imasinger wrote:
S/O of the gutted bathroom thread.

I'm just curious why anyone might choose not to insure an investment like this.


If you have a mortgage, banks require it.

For summer bungalows, their value is usually not that high that it's worth it. And people don't have mortgages on it either.
Back to top

Chayalle




 
 
 
 

Post Tue, Jun 21 2022, 11:18 am
watergirl wrote:
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.


That's with a mortage.
Back to top

amother




Mulberry
 

Post Tue, Jun 21 2022, 11:18 am
watergirl wrote:
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.


If you own the home, no mortgage, the bank has no say..
Back to top

amother




Taupe
 

Post Tue, Jun 21 2022, 11:19 am
watergirl wrote:
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.


Even if mortgage fully paid off and home owned outright? I know we can't get a mortgage her without insurance but not sure it's an obligation if home is owned free and clear. Will have to ask.
Back to top

amother




Gray
 

Post Tue, Jun 21 2022, 11:19 am
watergirl wrote:
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.


Yeah, most banks (at least in the US) require homeowners insurance in the terms of a loan.

Maybe if someone doesn't have a loan anymore, it's moot. but I think most of us on here, who own a home, probably still have a mortgage.

Of course, it seems like lots of people don't care what the rules are, if they can do what they want and nothing/no one actually stops them, it "should" be muttar.
Back to top

amother




Orange
 

Post Tue, Jun 21 2022, 11:21 am
watergirl wrote:
In my state, one can literally not own a home without homeowner's insurance, the banks will not allow it.


The bank - if you have a mortgage.

Some bungalows cost 65k and are bought with cash. No mortgage. No homeowner policy (which is stupid).

One of my neighbors lived in a 700k home. It burnt down one day. Had no mortgage. No home owner insurance.
(They we’re lucky. Their property increased in value so will sell at profit).
Back to top

amother




Butterscotch
 

Post Tue, Jun 21 2022, 11:23 am
That’s if there is a mortgage, involving a bank; if there is no mortgage, there is no requirement to have insurance.
I do know of a family whose house was destroyed in a fire. No mortgage, no homeowners insurance. A real shame; except that with the crazy hike in real estate values, they can now sell even just the property alone for way more than they paid for the house + property (from what I understand). So, not too bad in the end.
Back to top

amother




Butterscotch
 

Post Tue, Jun 21 2022, 11:24 am
Omg, orange-we we’re both writing same thing at same time. Probably same house, too…
Back to top

amother




Cyan
 

Post Tue, Jun 21 2022, 11:35 am
amother [ Orange ] wrote:
The bank - if you have a mortgage.

Some bungalows cost 65k and are bought with cash. No mortgage. No homeowner policy (which is stupid).

One of my neighbors lived in a 700k home. It burnt down one day. Had no mortgage. No home owner insurance.
(They we’re lucky. Their property increased in value so will sell at profit).


Probably same house.

I can't wrap my brain around owning a 700K home without insurance.
Back to top

amother




DarkViolet
 

Post Tue, Jun 21 2022, 11:39 am
Of course I have homeowners insurance and I live in a condo which means that I am insuring the vale of the contents if the worst happened.

How anyone can live in any kind of home they own and not have homeowners insurance is beyond. Most policies give you a range of deductibles so that you can control the cost of the premium to some extent. You don't generally insurance yourself against costs you can pay for yourself easily whether it is car or home - my deductible is $1000 because anything below that I can pay.

Also I have what is called an umbrella policy which covers me for claims against me that are above the limits of the policy. If I am sued for $1 million or even more then I am fully covered. The premium for umbrella policies is low because you need regular insurance so it is unlikely that most people will need it - but if you need it you will be glad you have it.
Back to top

amother




Orange
 

Post Tue, Jun 21 2022, 11:39 am
amother [ Cyan ] wrote:
Probably same house.

I can't wrap my brain around owning a 700K home without insurance.


It’s probably not fair to share the Zillow listing on here. But even with the fire damage you can see what a gorgeous house it was.
It is a shame.

Also renters don’t realize they need renters insurance. Home owner insurance will cover the cost of the home owner but will not reimburse the renter for his list belongings.
Back to top

watergirl




 
 
 
 

Post Tue, Jun 21 2022, 11:52 am
Yes, yes, I know, if you buy a house outright, you can get away without insurance. Still really dumb, also for a bungalow. Let's say the Cohen family has a bungalow and it burns down, and the fire spread to the 3 units next to them. They have no insurance to cover theirs, and those families insurance won't cover it, so they go after the Cohen family personally to cover damages.

This can happen with a "cheap" 70k summer cabin or a $700,000 home. What happens in my house can also effect people to the right and left of me. It's a really risky game to play.

Or, kids have friends over and someone breaks his leg or worse, my homeowners insurance would have to pay for those bills if they go after me. Since they don't have insurance, guess who has to pay? And this can happen even more easily in a bungalow. Or those cleaning ladies people love to post about on here who fall and make huge claims...

I can not wrap my head around this at all.
Back to top

amother




Blue
 

Post Tue, Jun 21 2022, 11:57 am
Yes
never heard of not really
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
[ Poll ] S/O POLL Is Imamother poor? 16 Today at 12:33 am View last post
Health Insurance Broker
by amother
3 Yesterday at 2:54 pm View last post
Salary for healthcare insurance worker
by amother
0 Fri, Aug 12 2022, 11:19 am View last post
Insurance Office
by amother
15 Thu, Aug 11 2022, 8:31 pm View last post
Speech Therapy Via Insurance
by amother
10 Mon, Aug 01 2022, 3:24 pm View last post