A little info for those who no little about Ins. The insurance actuarys had for the last 20 yrs said that the Ins Co. needed to rase the rates on their Homeowners,But because of computition they did not,then Andrew!!! and now Katrina,Rita and you know the rest.People will always have Ins. its the catalysis of our economy. with out it how could the we(unless wealthy heirs )secure money from lendding insitutions with out the protection of Ins.I am glad for myself because with out it I would not own my home my cars,my business. IMOA
If the homeowner owns his or her house free & clear it is their decision to "self insure". If however; the house has a mortgage the mortgage holder will insist that the house be insured. If the homeowner can't line up an insuror the mortgage holder will at a significant higher cost.