Seeking advice: Do I need homeowners insurance?

[Kerry Lynn]

I've owned my little house outright for 24 years and have never filed a claim with homeowners insurance.

My property is worth several times what my house is worth and I'll probably be selling it in a few years for demolition and development. If the house were to burn down or blow away, I wouldn't rebuild and I have enough money to live on until the property sells.

I can afford to make any lesser repairs to the house. I've always carried the highest possible deductible.

Is it possible to get liability insurance without the rest of it?

Would not having insurance on this house affect me in any way when I buy a new house down the road?

Thank you so much.

[bobechs]

Following...

[Kerry Lynn]

Well, no responses, but it seems you can't get liability insurance without the homeowners coverage and I'm not willing to risk all my money in a lawsuit, no matter how unlikely. Also, my house is insured for a ridiculously low amount, so I'm just going to think of my homeowners insurance as liability insurance and stop worrying about it.

[chasesfish]

What's your lot value vs your structure value?

Have you checked in to see if you can get an umbrella insurance policy without homeowners, that would cover you from a liability standpoint.

[Papa bear]

Liability is the big reason for it.  Did you shop around other insurance companies?  I'm curious if liability only is offered as well.




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