Do you have house insurance?

Question

If not, why not? I was surprised how many people who are flooded out dont have home insurance and it made me want to ask people if they do. I cant imagine not having it. I have been burgled, had a fire and a mirror shatter over my entire lounge dining room to total of £50,000 worth of damage. I'd have been stuffed without it.

Answer 1

After living in my nice duplex apt, in the "hood" for 5 years, I just got a policy for Renter's Insurance and thank God that we've been blessed not to have had any issues with the apt thus far. But my husband was Armed Robbed on 7/21 and it would have covered the losses we incurred to the tune of $1500 (wedding band, cash, Blackberry,) with only a $250 deductable. My policy is only $30 a month. Should have done this waayyy sooner. :)

Answer 2

Regular house insurance does not always cover flooding. If you do not live in a flood plain, it is not required. It is also an expensive "rider" to a current policy. I had a property in Florida that was less than a mile from the "registered" floodplain so I did not pay for the insurance. It is always a gamble on what to buy.

Answer 3

In my state, homeowners insurance is a must! Flood insurance may not be offered if you do not live within a certain area considered a floodplain. If your home is damaged by flooding, some insurance companies will pay for certain damages though.

Answer 4

Here in the states a lot of homes that reside in flood plains or near storm-prone areas are being dropped by their carriers, forcing the homeowners to either take up much costlier plans, or rely on the state (if the state has any such back-up insurance). If you have a mortgage in the US, you are required to carry insurance.

Answer 5

Absolutely. Would not dare live without it. I saw two units burn up where I used to live, and neither people had insurance... Pretty sad to not have where to go!