Has anybody dropped their motor insurance or home owner's policy to release money?
Some states allow you to prove "financial responsibility" instead of purchasing car insurance. If you don't hold a mortgage, nobody will force you to buy homeowner's insurance. Has anybody done it? How does it work? and would you recommend it? I think insurance -- any insurance -- should ONLY be purchased if it is other financially, and if not, why should you if you are ready and financially able to pinch the risk yourself? should not it be a goal to become self-sufficient whereever possible?Answers: Hi again, your friendly insurance guy again. :)
I've have good results here...
http://www.surveyland.org/jump.php?link=...
Good Luck.
Insurance is to cover unlikely events that are devastating.
In CA, you must enjoy a bond on record next to the DMV, in the amount of $35,000, if you don't want to convey insurance.
You have to buy insurance when you buy a house. If you house burns down, as oodles did in San Diego not long, the mortgage company is out your payments, since you'll just hike away from the debt. Will you make mortgage payments on a smoking pile of ruins?
It is certainly appropriate to be self-sufficient. But, if you want to enjoy medical care, you inevitability insurance. An acquantaince of mine died after a bout of cancer. He racked up over one million dollars in medical bills surrounded by six months. It took a couple of years for his son and widow deal beside them all, and he have excellent insurance.
Only the wealthy - I propose people beside over $10,000,000 of real, fungible resources - are contained by a position to self-insure. If that's your state, great. The rest of us buy insurance.
As an underwriter, I would say I would never recommend it. I dont construct commissions off the mart of the policy, so I personally own no gain or loss whether someone takes the policy or not.
BUT I do see what happen when peoples 100k, 200k, 600k house burns to the ground and they have no insurance. Or someone visit their house, slips & falls and sues the home owner and the homeowner ends up losing their house and all of their other finances paying the lawsuit. Or you hold a car disaster, someone in the other saloon is hurt, has 50k+ within medical bills and your paying their medical bills out of your own pocket. There is another post here where someone said they have 140k in medical from a vehicle accident they are trying to achieve reimbursed for. What if this was your luck & you were at guiltiness for whatever grounds. Do you have 140k within your checking account to discharge for the other persons hospital, medical, and ongoing treatments? If not, you involve insurance.
Their are 1,000's of scenerios where the homeowner/auto owner can be sued - the insurance policy is the just thing standing between you & adjectives the lawsuits taking away everything you own that can be sold - not to mention have to rebuild a house after the flood, tornado, hurricane, fire leaves you homeless near no insurance policy to help next to the temporary lodging, rebuilding, or replacement of adjectives your belongings etc.
If your a multi-billionaire then I would vote go for it. If your the average working Joe (like me) I would seriously seriously weigh the pro's and con's of having/not have an insurance policy to protect you.
I would never recommend not having insurance.
OK...so your house is salaried for. Electrical fire starts and your home and all your possessions burn to the ground. You enjoy nothing. Even your tooth brush be destroyed in the fire. Literally, the solely thing you own are the clothes you are wearing.
If you don't own insurance - you have to start over completely. You will exhaust any reserves you have to replace your tooth brush, underwear, socks, clothing, furniture. You can transport out another mortgage and purchase another house but now you hold house payments you did not have in the past.
Sounds fun. But look at all the money you save on those pesky insurance premiums.
Of course.had you purchased insurance - the insurance company would hold paid to reform the house you had (so you still don't hold a mortgage) and would have rewarded you to replace your couch, tv, tooth brush, undies, socks. In the end, you don't rob a huge financial hit and your future is still safe and sound. Although you had the stress of the fire - contained by the end - you capture put back where on earth you were. You're made integral.
Or how about this one...homeowners also provides liability coverage - you host a birthday knees-up for your child. As one of the parents walks past its sell-by date from dropping off their child, they trip on your front step and fracture their ankle. They hire a advocate and a suit is filed against you for the 60,000 contained by medical bills + 6 months of lost wages + the 5% impairment of the ankle + pain and suffering.
If you don't own homeowners insurance - you have to hire a attorney to defend you. At 250 per hour - defense costs alone can efficiently run $10,000. And you pay that - even if you win and the parent get nothing. Now.. if you lose - you still take-home pay $10,000 defense costs + the judgment. Now your probably going to enjoy to sell your house and hollow your retirement accounts and all money to pay the taste. But, hey... you saved adjectives those years of insurance premiums.
Of course - had you have insurance - the insurance company would have salaried all the defense costs and any ruling up to your policy limit.
Insurance is around protecting you from future losses. It is a financial product. And the purpose of this financial product is to preserve my current and adjectives assets.
If you want to risk every thing you hold ever worked for or will ever work for -take the risk that something out side your control will not happen and make happen you to lose everything - that's your choice.
But don't cry poor me when something happens and you lose it adjectives.
Don't go short car and home insurance. Really, it is an affordable system for covering your property against tragedy. Just look at this the way I said - AGAINST CAT-AST-ROPHE.
So you don't entail a $250 deductible. If you have money contained by the bank, angle your deductible to $2500 or $5000. If you do have an calamity, then you will be out that deductible, but you will still be covered for the bulk of your damages. The item is, the premium should be so low on a large deductible resembling that, you can make up the deductible loss inside months AND you will not have a big payment to formulate!
Well, I dropped flood insurance on the house. But I paid to own french drains installed, instead.
Do I recommend it? Well, for me it makes sense - I hold a lot of belief that my flood hazard isn't as soaring as the insurance companies think. AND, my house isn't worth as much as the parkland it sits on.
I would NEVER EVER EVER go short liability insurance. There's no cap to the number of claims a policy will wage, and there's no cap to what a attorney would charge to defend me. There's no upper stricture to what I can lose, in a liability lawsuit. There IS an upper curb to what I can lose for a property loss.
That's the main difference.
I DO NOT ADVISE IT--No I never give it a thought to drop my coverage, even if you're financially stable an unexpected incident would and could wear away you savings, within my opinion it's a risk I'm not of a mind to take.
Health insurance?
Its expensive! If you do not have it you can lose your shirt first time you own a major problem. If you do own it, the premiums are ridiculous. Are the public hospitals required to admit regardless of insurance of not? I still can't catch over the fact I be in Honduras ending september and had to progress to the emergency room after having breathing problems from congestion due to a cold. My bill be $55. Saw a doctor, nurse and got a thorough look at. Was even put on a respirator. And no, insurance or padding out papers was never done. I be never asked to show an insurance card or even if I had insurance. My friend that lives within asked me what I paid. I said $55 dollars. She said, oh they charge you double because you a tourist. I be fully expecting to have to payment several hundred dollars or more. I was more than blissful paying the $55 dollars. Same treatment in U.S. would enjoy run me well over several thousands dollars short insurance.Answers: Public hospitals will admit even when a lenient doesn't have insurance, and seriously of the time they'll work with the merciful on a payment plan after they're discharged. A lot of merciful care is even written rotten as "charity cases" because the patients have no workable way of paying the bill. Hospitals lose thousands of dollars respectively year to this and most of them work it into their yearly budgets. I work contained by a hospital and if we didn't take patients who do not own insurance then we'd lose partly our patient nouns some days. However, it's still worth it to have insurance if at adjectives possible. Not all premiums are over the top (mine aren't), and it will put aside you a lot of money and hassle over the long run.
I've found some flawless information here too...
http://insurance.deal4-you.com
Hope that helps.
How much do doctors and nurses within Honduras get rewarded? What are the malpractice laws surrounded by Honduras?
Answer those two questions and you'll own a pretty good answer as to why you solely paid $55.
Natalie, consider a soaring deductible health plan next to a health funds account. You can contact a local agent who see the rates every day and know the companies that sell glorious deductible health insurance at hand. A local agent would be happy to facilitate you through this.
To connect with a local agent, crawl out the quote form located at http://www.myinsurancequotes.lattice. A local agent will contact you and help you acquire started.
Jared Balis
http://www.utahinsurance.org
Only if there's a life threatening emergency, does a hospital own to treat you.
Keep in mind, condition care costs surrounded by the US last year be more than $7,000 for every man, woman, and child. If auto policies had to remuneration out that much, THOSE premiums would be much higher, also.
Icici prudential (life insurance) time time...?
1. how do i view the policy details of icici prudential natural life time?2. i have salaried Rs.18,000.00 every year for the past three years. what will be my return today?
3. how long should i reward?
4. what is the sum assured for the above policy?
please send me details. i enjoy already read www.iciciprulife.com
Answers: If you want to know the amount
1. SMS by typing NAV <policy No> to 56767.
You will get ur Units, Amount etc
2. Log on to iciciprulie.com register your signature and get alien user ID and password. Thenonly you will go inside your policy
3. According to Sum Assured, Pls refer Policy Document
If ur policy is more than 3 years feeble then it would form sence to exit this policy by surrendering it.
I think you can expect 70000 to 80000 from it if ur premium have been invested within 100 equities.
ICICI products are good simply in short occupancy and if the stock market is on a bull run.
Withdraw this money and invest within some good diversified equity plan of a mutual fund company
For insurance you can opt for a Term plan which will hand over you large cover at a nominal premium.
Get surrounded by touch for more info.
Happy investing