Afford Anything Q&A: My Insurance Bill Jumped 60 Percent – Should I Drop It?!
4 snips
Aug 20, 2024 
Joining the discussion are Susana, who is making tough choices about her dream home after a necessary relocation, and Joe, a former financial planner with a wealth of knowledge. They tackle the shocking 60% jump in homeowner's insurance costs, debating if self-insurance is a viable alternative. They also explore strategies for managing a significant international gift and the complexities of investing it wisely. Listeners gain valuable insights into rental strategies and the importance of financial preparedness during life changes.
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Self-Insuring a Home
- Consider self-insuring if you have high income, savings, and net worth.
- Evaluate your ability to replace your home in a disaster and consider liability coverage.
House Fire Anecdote
- Joe Saul-Sehy recalls a family whose house burned down but lacked insurance.
- They had to sell the property at a loss, highlighting the importance of insurance.
Liability Coverage
- Consider liability coverage for lawsuits or accidents on your property.
- Umbrella policies often supplement homeowner's insurance for liability.