Millionaires do not need insurance. I have a friend who has a home in Lighthouse Point and another one in Islamirada. Total value is probably 5 million. No insurance. No damage from any hurricanes either, then again, he does have the best hurricane protection there is. I have several friends that fall into that category.
Those that are wealthy know just what a scam insurance, especially home owners insurance is.
It almost become imperative that you make claims just to get some of your premium back.
As for homeowners insurance, since most have mortgages and it is the banks property until it is paid off, why does the homeowner have to pay for the insurance? Shouldn’t the actual “owner” have to pay?
I would be willing to bet your house John, that if the lenders were forced to pay for the insurance, the cost would go way down.