Originally Posted by
Gresp15C
In my view....................
I once bought some item at Best Buy, and the cashier asked me if I wanted to buy an extended warranty for it. I told her: "I have a service that provides me with complete protection for everything that I own, through my bank." She asked me what the service was called, and I told her: "It's called my bank account." But while I was being sarcastic, there's a grain of truth to it: The money that I've saved over my lifetime by not buying unnecessary insurance would in fact pay to replace practically anything that I own. At this point I could probably even live with out house insurance.
I realize that the focus of this conversation is bicycle insurance not homeowners insurance but any homeowner that doesn't have homeowners insurance is crazy. Assuming that you own your place without a mortgage, if you have the misfortune to have a room and contents fire, the cost to repair will probably exceed the savings by not having insurance. If really unfortunate and have a whole house fire, the cost to have the dwelling torn down will far exceed the savings of not having insurance. If someone breaks into you home and rips all of your plumbing out and punches holes in your walls and takes all of your belongings then you are royally screwed.
A friend of mine inherited his fathers home. He let the place go briefly without insurance. It was gutted by an arson fire. He sold the land for slightly less than the cost of having the home town down.