Mortgage burning today!

[SA1911a1]

We paid off the house today five years early, and I am going to tell the homeowner's insurance company to kiss my hairy ass.

We got a demand letter from the insurance about ten days ago; Replace your roof or lose your insurance. So my first question to my agent was, Ok, suppose I replace my perfectly good roof, what will be my new policy cost when it expires in August. He couldn't tell me; they haven't decided yet... (some of my neighbor's insurance has tripled in cost this year) By my estimation, my roof has ten years left in it. I contacted some other insurance companies, and none of them will insure a home that is over 25 years old, and some of them at 20 years old. That is going to cause a lot of Floridians to lose their houses. If you can't insurance it, the mortgage gets called due. Fuck the sons of bitches, I will take my chances. I am going to keep making "mortgage payments and insurance payments" to myself and bank it for emergencies. If my home burns or blows away, I will bulldoze the remains and stick a mobile home on the site for my final ten years or so...

Anyway the good thing is, as of 11:00 this morning, I don't owe a damn soul a dime.

[ffuries]

Congrats on that accomplishment........

True about the roofs. They aren't offering replacement coverage for roofs that are 10-15 years old, some say 20 years. These older roofs end up carrying a higher than normal deductible also. The insurance companies say once the roof hits that age, it has reached its service life.

Plus another insurance company has left Florida, leaving home owners scrambling to find new insurance. I think this is now 4 or 5 companies that have left Florida since Hurricane Michael. Some people are getting forced insurance policies from their mortgage holders, at a higher than normal cost. Plus as Steve alluded to, the price for insurance in Florida has gone up considerably. To the point where some retirees on fixed incomes can't afford it anymore.

[Junk Yard Dog]

Say you emptied the house in prep ripping off the old roof to install the new roof. Had a pallet of new roofing material outside at least 50 feet away from the house with all receipts carefully saved. In the night mice with matches got into some shine and set the fucker on fire burning it to the ground. Good thing you were forced by the insurance company to start that new roof project and had to move all your clothes, furniture, guns and shit into a pod a safe distance away like someone else we know just did. What then would the insurance payout be? Enough for a new modern home with everything up to date, and a new roof? Maybe just take the payout, sell the land, and move to NY where we have normal insurance, and all kinds of snow in winter for you to play in. Some food for thought anyway, fucking hate insurance company's almost as much as child molesters, politicians, lawyers, and that fucking Mexican ice cream with hot sauce in it. It wasn't the strawberry sauce I thought it was, it was thermonuclear fire straight out of hell. Friend of mine bought a condo down there a few months back, they stayed two weeks, came home, a week later the phone call. Toilet valve broke, place flooded over several days before noticed, everything ruined, insurance only covers $5000, damage was $40,000, the place had to be gutted. That's with him doing most of the work, ask him what he thinks of Florida insurance regulations, and the company's that operate there.

[steelbuttplate]

Sounds like it could be Nationwide. They canceled my house insurance when it was 30 yrs. old. Just canceled, no recourse. "Nationwide is on their side", should be there jingle. Screw 'em, I canceled my car insurance with them too. Insurance in general is one of the biggest money rackets going. Up their ass with a pine knot.

[Darryl]

I don't understand. 6 years ago I replaced my roof with a vey expensive roof guaranteed for either 50 or 80 years. So, they won't insure my house after 2o years? Won't matter much to me, I probably won't make 20 years anyway!.

Oh, I paid my house off 10 years ago now. Had the outside painted and the roof put on. I should be able to die in that bugger.

Darryl

[Miller Tyme]

Congrats on paying off the mortgage sir, we paid ours off 4 years ago and are enjoying being debt free.

[tomaustin]

i would expect that each of you have setup an account to escrow your property taxes monthly to cover the estimated payment at year end...?

[ffuries]

i would expect that each of you have setup an account to escrow your property taxes monthly to cover the estimated payment at year end...?

Exempt from pay property taxes, due to being a 100% disabled veteran.

[SA1911a1]

i would expect that each of you have setup an account to escrow your property taxes monthly to cover the estimated payment at year end...?

I have always paid my taxes separately from the mortgage so it is nothing new.

[Anstanel]

That's a major achievement worth celebrating. It sounds like you're frustrated with your homeowner's insurance situation, and I totally get it. Dealing with insurance companies can be a headache, especially when they start imposing strict requirements.

[tjtM38]

Anyway the good thing is, as of 11:00 this morning, I don't owe a damn soul a dime.

Doesn't it feel great? When I paid my house off in 2018 and absolved myself of all debt, it was the greatest feeling in the world. Congrats!!

[tomaustin]

setup a bank account and pay a fair share into it monthly for the never-ending taxes and assessments that will continue to be due....I rat-holed the first years lump sum estimate into a new account separate from any other use.....

The first home, non-escrowed, tax/assessment payments started coming in pretty quickly after I had paid off the basic mortgage.......

enjoy the lower expenses.......

[Sonny]

Anyway the good thing is, as of 11:00 this morning, I don't owe a damn soul a dime.

Doesn't it feel great? When I paid my house off in 2018 and absolved myself of all debt, it was the greatest feeling in the world. Congrats!!

You bet your sweet bippy it feels good.