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Originally Posted by AndyC
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If you knew how to read, you would have learned that I own my house outright. (I did include myself in with the other mortgage-free neighbors in an earlier post.) That means I have 100% equity in my house.
And I think my rationale is sound. I took about 20K of my money and invested it in fortifying my house against wind storms. That action also immediately increased the value of my home. Paying insurance premiums don't do that.
And we contribute regularly to our "emergency fund" that is sitting in a high yield savings account. Paying insurance premiums don't do that either.
I see no upside whatsoever to paying exorbitant premiums to an insurance company, especially when those premiums are going to increase year after year.
The only insurance I do pay is flood insurance, even though I'm not in a flood zone per se. Flood insurance is still semi-reasonable.