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I'm with you here, if you can make the numbers work.
But in my area a $500 deductible on a $350K property runs around $750/yr.
It would take an awful lot of years, even if invested well, to provide adequate catastrophic self-insurance in this case. Each case has to be taken individually on it's own merit. If it works for you, good. I'm envious. But it may not work for everybody.
I also am 100% with you on a house maintenance savings fund. Everyone should have one.
It would depend on you risk level too. I'm a very low risk level so I self insure. I'm betting we won't flood so much that I can't cover cost of repair with cash and/or loan. I don't have to have the full value of my home. Just the cost of repairs.
Most repairs are dry wall, insulation, carpet, furniture, cabinets, etc. Where I'd really be hurt is if the foundation shifted and I'd have to get it jacked. That might need a loan. The rest is inexpensive enough.
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