Peter Mohylsky 850-517-7098, Call me at 850-517-7098 (PMI. Destin)

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Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Haven't seen it. And for those with a mortgage, they won't get away without having insurance. Terms of a mortgage demand it. So this would work only for people who have no mortgage on their home. Those with mortgages could always have a super high deductible to decrease their premium costs.

Feb 25, 2023 05:52 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Carolina Life RealEstate & Relocation 919-602-8489

Are there people who purposely don't have homeowners insurance? I guess the cost of not having insurance depends on whether something happens to the house and the value of the house. The older a home, the more likely something will happen. I wouldn't recommend it.

Feb 25, 2023 06:35 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

If one has a reserve fund of some sort, that will cover repairs etc. Its the liability of someone suing you that remains a problem. 

Feb 25, 2023 06:29 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

An interesting question, because this is becoming more common in Florida. 

   As you know, rates in our State have doubled (or more) in many locales.  A lot of people who don't have a mortgage are ditching their homeowner's / hazard insurance policy.

     At the very least, get Liability Insurance, or an Umbrella Policy. 

   If your house burns down you can still live in an RV on your vacant lot until you build a new house.  But if someone is injured on your property, and a Civil Court awards them a large amount you may find yourself up the proverbial creek.  

   But a question for Florida lawyers is this... in Florida, we have the Homestead Law to protect us against Judgments and creditors.  That is in our State Constitution.  So if someone falls on my porch, goes to Court and wins a one million dollar judgment against me, can it be collected?  Is that judgment enforceable?   If not, then do I need Liability Insurance on my house?

Feb 25, 2023 08:31 AM
Doug Dawes
Keller Williams Evolution - 447 Boston Street Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I don't know how popular that is but I would not go without home insurance

Feb 25, 2023 07:31 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Unless the house is mortgage-free, not possible. Besides, it is reckless to forgo homeowner's insurance as anything can happen!

Feb 25, 2023 07:25 AM
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

Sounds like too much a risk.  And if you are holding a mortgage, you just might want to have a quick conversation with them ... not a good idea.  I am not actually seeing that as a trend.  Are you?

Feb 25, 2023 07:17 AM
Karen Climer
Demetree School of Real Estate - Orlando, FL
Teaching people to pass the real estate exam

If you have a mortgage, no insurance is pretty much out of the question.  

Feb 25, 2023 05:34 AM
John Juarez
The Medford Real Estate Team - Fremont, CA

First off, if you have a mortgage, you must have insurance. It is a requirement of the lender to protect the lender's collateral.

If you are do not have a mortgage, all the value of your home is part of your estate, part of your wealth, and probably the larges part of your wealth. Insurance may be expensive but it is not as expensive as what it would cost you to replace your home if it underwent major damage or was destroyed.

So, no, I do not think self-insurance is widely popular.

Feb 25, 2023 08:01 AM
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

No one with a mortgage can get away with that except condo owners I was surprised to learn from a Farmers Agent in 2021, since in a condo the HOA covers the structure and grounds and all you're really insuring is contents.

I disagree though, because in my whole 54 years, my only property insurance claim was on my Townhome, essentially a condo and it was for our kitchen and it paid off beautifully for a kitchen remodel when suddenly one night 5 minutes after cooking dinner, the entire cabinet system on the wall collapsed to the floor in the loudest crash of ceramics, glass and snapping wood I'd ever heard.


To each their own, I really do not care what others do in this regard.

Feb 25, 2023 07:42 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Haven't seen it, certainly wouldn't do it.

Feb 25, 2023 06:59 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I had a relative of a client buy a home in Denver, and she never had insurance on her Florida home, nor did she get any on the home here she bought with cash.    I advised that is not a good decision, but ultimately her decision.

Feb 25, 2023 06:48 AM
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Poor idea not to have insurance, if you have to go with a large deductible is my suggestion.

Feb 25, 2023 06:42 AM
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Peter Mohylsky - I recommend everyone refer to their State Department of Insurance, in TX it is called TDI. It provides up-to-date information about self-insurance vs home insurance with or without a mortgage. Because of high risks (doesn't matter if it is mortgaged or not), there are always high risks. TX also includes what consumers should look for in different policies, such as what it should cover and what it doesn't cover.  Of course, as many have answered, you can't get a mortgage without insurance. Deep pockets or not, if there is no mortgage, not having insurance is risky business. In reference to condos, it raises the question, how many condo unit owners think they only need to insure their own unit and don't know if the owner of the condo has insurance on the dwelling or sold it to someone who doesn't have the entire condo insured?

Feb 25, 2023 11:05 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

I would never not have any insurance, but I have raised my deductible considerably.

Feb 25, 2023 10:43 AM
Kat Palmiotti
406-270-3667,, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

I don't know of anyone who owns a home and doesn't have insurance. I'm sure there are people in that category but I don't know them.

Feb 25, 2023 08:18 AM
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

OH when I hear about folks who own homes on the river with no insurance I cringe! Yeah sure they live up high on bluffs with sea walls . . . but all it would take is ONE hit to Hoover or Davis Dam to make them regret that decision . . .

Feb 25, 2023 07:34 AM
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

I don't think it's a good idea & I'm probably not understanding your version of 'self insured'. 

Feb 25, 2023 06:23 AM
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

It's not really something that I'm seeing.

Feb 25, 2023 06:01 AM
Kathleen Daniels, Probate & Trust Estate Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate


That would be a risky roll of the dice.  I cannot imagine not having homeowners insurance. 

Feb 25, 2023 08:57 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Won't happen if you have a mortgage, and otherwise it's pretty risky. But no doubt some will tempt fate to save money.

Feb 25, 2023 08:29 AM
Gary Frimann, CRS, GRI, SRES
Eagle Ridge Realty / Signature Homes & Estates - Gilroy, CA
REALTOR and Broker

I recently hear of some people I know doing this, but most have a mortgage and therefore the lender requires it.

Feb 26, 2023 05:17 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Need to pay off your mortgage before this becomes an option.

I do know plenty of rural folks who do not have any insurance, but then they also dont have much to lose.

We find that it pays to shop around every few years, most companies will have reduced rates to attract new business, and most will drop your rate to keep you if you threaten to leave.


Feb 25, 2023 03:36 PM
Ryan Huggins - Thousand Oaks, CA - Thousand Oaks, CA
Residential Real Estate and Investment Properties

It's not an option on financed properties.  I don't think anyone out here has the money to rebuild a $1m plus home they did 80% financing on.

Feb 25, 2023 10:06 AM
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Only for those with deep pockets.  Those who drop their insurance are most likely those who cannot afford it and need it the most. 

Feb 25, 2023 09:42 AM
Diana Zaccaro Broker Associate
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

It's not something I would ever do but some people have been complaining about their large rate increase and claiming they were going to self insure.

Their thinking is that they can put the premium amount in the bank to build reserves and use that if they sustain a loss which I think is a false sense of security. Whether any of them have actually done so, I do not know but it would not be a wise move.


Feb 25, 2023 11:13 PM
Anna Banana Kruchten Phoenix Broker
HomeSmart Real Estate - Phoenix, AZ

If something does happen that is huge loss most people would be wishing they hadn't made that decision to self insure.  And as everyone else has mentioned you can't do that if you have a mortgage.  Is it really worth it?  Depends on the situation. 

Feb 25, 2023 03:09 PM
Roy Kelley
Retired - Gaithersburg, MD

This is not a choice that I would make or recommend.

Feb 25, 2023 12:11 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Boy, I think I would always keep insurance on my house.  I am sure some people would want to save the money.  Figure mortgage company would make you have insurance


Feb 25, 2023 10:42 AM
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA

Not very popular if you have a mortgage (since the Mortgagor will insist you have HOI on their collateral)

Feb 25, 2023 09:44 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I have never really heard of that, I better read all of the other answers and do some research.

Feb 26, 2023 05:08 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

If you home is lien free you can go the self insurance route. Many with an older manufactured home, where insurance is cost prohibitive or non attainable, self insure. Some waterfront properties suffer the same fate. Insurance costs are on the rise, like everything else.

Feb 26, 2023 04:26 AM
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

I would never do such a thing.  Can you afford to rebuild your home should it burn down?  

Feb 25, 2023 03:12 PM
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

Haven't seen it.  I've had cash buyers who didn't have it in place at closing, but got it the same day.

Feb 25, 2023 01:46 PM
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I could see how it would be tempting to skip the home insurance payments, they can be high, but not wise to do so. Have not run into any uninsured.

Feb 25, 2023 10:20 AM
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

There are certain insurance needs that supersede budget saving measures.  Homeowner's insurance, health insurance and auto insurance are a necessity and very few will go without them unless their finances are to the point in which there is not enough money to pay them.

Feb 26, 2023 08:26 AM