A tropical gamble: flying naked
Over the weekend the conversation at a get-together turned to a favorite South Florida subject: the hurricane season. I was surprised to hear a couple of long-time homeowners say they had finished paying their mortgages and were "flying naked" -- that is, they weren't buying any windstorm insurance for their homes. Instead of paying thousands of dollars to a company, they were putting that same amount in a savings account and taking their chances. Everyone thought this was a good idea, considering that the most recent damage from Katrina, Rita and Wilma was not enough to meet the steep deductible in our policies.
Most of us, of course, have a mortgage and the mortgage holder requires homeowners' insurance. We don't have a choice.
Another suggestion by those gathered: Forcing insurance companies to sell windstorm policies if they expect to sell any other kind of insurance in the state.
Most of us, of course, have a mortgage and the mortgage holder requires homeowners' insurance. We don't have a choice.
Another suggestion by those gathered: Forcing insurance companies to sell windstorm policies if they expect to sell any other kind of insurance in the state.
posted by Ana Veciana-Suarez at 9:16 AM
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1 Comments:
We are at the mercy of the insurance companies that are very willing to take our monthly payments BUT not inclined to pay up when the situation calls for it.
Look at all the blue tarps in South Florida -- these are, in large part, due to conflicts with insurance companies. If a storm comes through now, a lot of people will be caught with their pants down. Not a good thing.
These are times when initiative and resourcefulness should be our action plans. If "flying naked" works - then, by all means, cut that umbilical cord.
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