Quote:
Originally Posted by rsmurano
If you pay cash for a home you don’t need to buy insurance. If I was buying an older home that was cheap and I was paying cash no mortgage, I might just buy liability insurance.
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So if your home gets struck by lightning and burns down you won’t care about rebuilding it? You’ll just take the loss? Asking because we paid cash for our 2 y/o home, but hubs insists it be fully insured even if rates eventually become absurd (currently we’re under $1K annually for a 4/3 home with State Farm). I told him I’m never willing to pay exorbitant insurance premiums if it ever comes to that when we’re not required to be insured because of no mortgage. It’s a bone of contention between us, lol.