[M2inOR]

Re: self insure...

To self insure, it means you have sufficient funds to pay for the repair of any damage.

Fine if you have no mortgage.

If you have a mortgage, your bank will not likely let you self insure. The home belongs to the bank until you've paid it off. They want their asset to be protected.

On the other hand if you have the resources, they'd want you to pay off that mortgage, unless you can find a way to guarantee that you can pay for repairs and convince the bank.

Same goes for any asset you've financed.

Don't forget about liability, if somehow your asset causes damage to another person or someone else's assets.