I canceled my health insurance back in 2013, the year before “free Obamacare” started. My 2013 premium for the high-deductible policy I was very unlikely to make a claim on exceeded $10,000/yr for the first time. While it would be disappointing, my 30+ years of “Minimizing the Skim” of fees, commissions, trading costs and taxes had left me with the ability to weather even a $1 million hospital bill. So I said, “Screw it”, the $10,000 is better off staying in my pocket, than lost to “excessive Executive Compensation” with the health insurer.
Of course, if you have a mortgage, your lender probably won’t let you cancel your homeowner’s insurance policy.
intercst
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I did a double take on my condo insurance last week. Had been around $240/year. Last year, it was $260. This year, $300.
Steve
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Self insurers crawling out of the woodwork!
The Captain
is not alone…
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That was just for one year. I’m not recommending it as a long term strategy. {{ LOL }}
intercst
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Mine went up by $4 from $211 to $215. But I just have minimal coverage on the contents and the cost to rebuild the interior of the unit. I needed to have the condo policy in force to buy the umbrella liability policy.
intercst
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They are telling us homeowners insurance and flood insurance in Florida are moving toward $10K per year. Compared to as I recall $1800/yr typical across the US.
If you house is worth $500K, most of the value is in the land. Insurance will pay about $200K toward construction costs and contents. Damage may be once in a lifetime, but for many that kind of loss would be devastating. There go your retirement funds.
Sounds like those kinds of numbers are coming to places like Hawaii and the forest lands of California.
And of course, $10K is a drop in the bucket compared to a hospital stay where uninsured bills probably start at $30K.
Hats off to those who self insure but lets hope they don’t lose that lottery.
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