Homeowners Insurance is RIPPING YOU OFF (PROOF!)

So many people are TIRED of the ever increasing homeowners insurance rates. Florida has been the poster child for these increases but many states across the country are starting to see their homeowners insurance premiums tick up substantially. Insurance has gotten so expensive, it begs the question, is it cheaper to self insure now? Should you ditch homeowners insurance?

======
======
I offer 1 on 1 calls, book one if you'd like!
======
My Filming and Editing Equipment
======
Sign Up for My Email list and Get Weekly Video Updates in Your Inbox!
======
Get Cash Back on ALL your Internet Purchases!

Articles Mentioned in the Video

FTC Legal Disclaimer - Some links found in the description box of my videos may be affiliate links, meaning I will make commission on sales you make through my link. This is at no extra cost to you to use my links/codes, it's just one more way to support me and my channel! :)

[jimwolfe]

Taking a 94 year old lady's Home is ..Criminal !!...Our country has really Lost It's Way !....Another Great Video, Michael, Thank you..

[siouxrose]

There is also the possibility that after a significant enough event, the insurance company would claim insolvency and none of your prior payments would mean a thing. This is NOT the age of integrity.

[Miami-qnxs]

I live in Hollywood Fl. I paid off my mortgage six years ago when I sold my boat. Saving 6k/year on my homeowners insurance. I dropped the windstorm but I did keep my fire and liability insurance on the house. So if you really have to save, you have to sacrifice sometimes.

[SirCarlosMusicBMI]

Oh if I knew what I know now I would have done so many things differently.
I made huge bucks in the last 35 years or so and I pissed so much of it away.
Young people PLEASE BE SMART and save money and make the right decisions in life.
I’m 61 years old and I’m retired and doing fine BUT if I had YouTube 20 years ago I would have been so much better off.
Listen to Michael he always has great information.
Blessings everyone, Carlos ✝️🙏❤️😊🇺🇸

[allenmobley]

I have a coworker and her and her husband are looking to sell their home because of homeowners insurance and the property taxes. Both of these people make decent money… that’s how it is in Florida now.

[MiamiParaisoBrasileiro]

I just change my roof in my townhouse for $7500 and my homeowners insurance cost $ 4800 with new roof and windows shutters… I want call tv or police or maybe FBI

[davidrosen]

Naples - 1600sf - paid off - insurance was $2200 - now $8700 and they only insured for $200k NOT replacement- dropped all insurance and went with $1million liability Lourdes of London $523 a year - Florida insurance is a rip off

[jamesfournier]

And If you place NO TRESSPASSING signs on your property and someone enters and gets injured they are responsible not you. So if you self Insure post these on all corners of your lot.

[fudogwhisperer]

I bought a fixer upper, cash fixed it up cash and self insure. I'm lucky because I live in central Florida. Its rare that we have any more issues than flooding, which in my area would have to come up about 10' or possibly a cat 2 in which the roof might get ripped shingles off which since I already know how to repair that, it wouldn't cost me more than 5K for a new roof. I've lived in Central Florida for 35 years, we haven't had anything over a cat 1 here. One thing to reduce you liability of an injury on your property, is to put up no trespassing signs. Plus I have a huge hedge around my whole property so a person can only enter in 3 car size openings.

[kjay]

Another added benefit (in FL) is if your roof is still in good shape after 10 years (and may last an additional 10 years), you're not forced to replace for $50k or more in order to get insurance. You replace the roof when it's necessary.

[Joeainthere]

I never had a claim until hurricane Francis hit my Jupiter FL house in 2004. The deductible was 2% of the insured value which was about half the cost of a roof. I had to hire a roofer and turn in proof of completion to be reimbursed half of the cost. By the time I could get a roofer, it was raining into the house and hurricane Jeane came just a few weeks after hurricane Francis. I endured a nightmare even with insurance

[chargermopar]

In the 33 years I have owned my home, I have never had homeowner's insurance. Since my dad and I built the house, I have done all of the maintenance and repairs since. The whole home including the roof is concrete.

[Leonnie]

Monolithic dome home. Build one of those. It is tornado-proof, hurricane-proof, termite-proof, fireproof, and even bulletproof. There is a famous one in Pensacola, Florida that has been hit a few times. Storm surge is still a problem, but mostly to contents and not structure.

[dominicktricozzi]

Bottom line is that insurance companies make huge profits so that shows that the odds are in your favor 👍, great video Mike!

[charlies]

We self insured from 1998-2013. We were on water. I think our basic homeowner ins. would have been 4-5K. Then there was windstorm, maybe 7-8K. Finally flood ins. (interesting that even though we were on water, we were not in a flood zone (maybe $500)). I paid for the flood ins. During those years we had several hurricanes, but it was an unnamed storm which spawned a tornado which took off a corner of the (two story) roof. The cost of repair was less than a deductible would have been. (All these numbers are best as I can remember)

[kim.in.nature.]

I have been thinking about self-insuring.
So, thx Michael for discussing this topic and doing the leg work!

[jasoncrandall]

A- You continue to put $500/mo away
B- You leave it alone.
Most will fail to do either at the minimum.
But liability is the one that will bankrupt you if it happens.

[deborahcaldwell]

The TOWN took it in my brothers case here in Maine. The town, and they put it up for auction and sold the water frontage part of it for $10, 000 to a neighbor of ours and would not sell it to us his relatives.
Evil
In 2021

[cassandraatsea]

I recently received a letter from my insurance company. They are not going to renew me because of the proximity to the coast. Lol. I’ll be self insured.

[azmike]

It only takes one lawsuit stemming from someone getting seriously hurt on your property to cause you to lose everything.