Personal Finance (Not Investing) • Is Home Insurance worth it?

If the house is worth so little compared to the land, and to your net worth, then insurance should be very cheap, and easily affordable.

I wouldn’t go without it.

And it does cover things besides loss of structure right? Somebody falls on your sidewalk and sues you, that kind of thing? (Umbrella, right? Not sure you can have umbrella without homeowners insurance).

Well that's kinda what I am asking. I calculate the 2.5k premium is really only giving me 50k max coverage and in all likelihood much less and that's in a worse case/full loss scenario. The deductible is 5k.

I do have umbrella seperately and that is costing about $300 a year.

Check if your umbrella is offered because you also have a home policy. You appear to be wealthy and could look at the insurance as the cost of wealth preservation in the event of a catastrophe.

Umbrella is valid as an separate policy accorded to my insurance company and not dependent on individual home insurance.. I actually already have the home in an LLC like most of my assets for privacy and a level of protection.

Got it. I have my car, umbrella, and homeowner under one insurer. I was also told that umbrella is essentially enhanced car and homeowner and not really a stand-alone product given how a disaster claim would be pursued - but I am out of my depth on that. If the LLC "protection" is part of your thinking. Remember, the damage may not just be to your property but someone on your property.

Statistics: Posted by tonyclifton — Wed Aug 28, 2024 3:15 pm — Replies 55 — Views 5047

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