Going without homeowners insurance is not a smart move if you own a home, but you also have to make sure that there are no holes in your homeowners insurance plan.
What isn't always covered: -Flood damage.
One of the most common ways a house is compromised or damaged is through a flood, and often times homeowners insurance conveniently leave out flood protection in the fine print.
You can do one of three different things to combat this: 1.
Do nothing, this is the least responsible and most popular way of dealing with most problems.
Your house is the biggest, most important investment you will ever make, you can not leave your future up to a game of chance.
2.
Buy flood insurance separately.
This is a decent route in terms of coverage, but buying flood insurance from a separate provider can often times be unnecessarily expensive.
3.
Only buy insurance plans that cover flood insurance.
This is the smartest, best, and cheapest route to go.
-Hurricane damage.
If you live alongside the east coast, you need to make sure that you are well covered in case of a hurricane.
You can board up your house all you want, but I think it is pretty obvious that doing so will still not stop a hurricane with winds of over 100 miles per hour.
In many cases, most of the monetary damage done to a house after a hurricane is from flooding, so this could potentially be a double whammy if you do not have either type of insurance.