Quote:
Originally Posted by Rosalie
It's time to pay our annual home insurance bill and we're wondering if we really need hurricane insurance here in Central FL. Do you think it's necessary??
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Any insurance is a betting game. Other than required by law such as auto insurance, you decide if it worth the cost. The insurance company decides what the cost is. You can and should research what other companies are charging for the same or similar coverage.
We are ex Long Islanders. Hurricane Sandy tore through. People who paid sweetly to be on the water woke up with large boats through their homes. Imagine waking up to find a 50 foot boat through your home.
Far a hurricane coverage, there was a far higher deductible on hurricane damage than on normal damage. HUH, our government decided that Sandy was not a hurricane so the high deductible for hurricane coverage did not apply-HUH. Other than some plant damage, which we did not claim as it was likely less than our deductible, the insurance company decided they would not insure any homes south of a given road-that included us. They would not renew our policy when it came to it's end and we needed to find another company.
As said above it is a bet. Do you think it is worth $$$$$ to have a company commit to the risk or do you want to self insure-if there is a loss the money comes out of your income or your savings.