Forum Discussion
rhagfo
Mar 31, 2022Explorer III
Edd505 wrote:RetiredRealtorRick wrote:SDcampowneroperator wrote:
Wharever the premium is, put it in the bank. Insure yourselves.
Great advice......IF you know exactly where, when, and how much a repair (or repairs) is going to set you back.
Self insuring is great if you're Amazon, but for the common man of average means it's a foolish idea. If it worked so well, everyone would self insure for car insurance, homeowners insurance, medical insurance, and long term disability insurance. Yes, I am well aware that some are required by law, but only bare minimum coverages . . . how many people actually carry those minimum coverages and 'self insure' the excess? VERY few. It's a concept that just doesn't work very well.
Your talking high dollar items not a 1200 A/C unit. I bought a brand new Splendide washer/dryer just under $1000 and did my install. Now I need to spend how much to insure that $1000? Not worth it. I own my home, two trucks and rentals, do I self in sue them, hell no, I pay State Farm. How many calls have you had, your warranty on your vehicle is about to expire ................
Best extended warranty is self insured and be handy. Biggest cost we have had so far with is out refrigerator failed. Cost was $700 for new Amish cooling unit. I installed in a couple hours.
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