Do You have Flood Insurance . . ?
- Thread starter BillyL
- Start date
No. My house is really high. Middle Tennessee is taking two of every animal if my place floods.
Flood insurance is cheap. If you live near the coast or large tributary and there is even a remote chance that your house will flood, you should have it. With that said, my wife let ours lapse and we didn't figure it out until two days before Harvey hit. USAA flood through FEMA had thirty day wait so she was talking to Lloyds but we decided to self insure this time. We got lucky and even though it appears that we'll never flood given our luck this time, I'll still buy it.
Oh yeah, I know all about that place. It has been a story around here a few times.
I just recently bought a place and declined to get flood insurance. Really hope that doesn't bite me in the ass.
Not Necessarily. I have flood insurance and it only costs $450/yr. My brother,who leaves a block off the beach, costs $2500/yr.
Nope and if we flood here all you "Poors" will be long gone.
I wouldn't even have health insurance if it wasn't mandatory now.
I have health insurance through my employer. But if I didn't, yes, I'd pay the fine instead of the coverage. Isn't it like a $900 fine now?
For you it would be $695 or 2.5% of your income, whichever is higher. You'd only pay the $695 if you make less than $27,800.
You need to figure out what your penalty would be. Let's say I make $96,000 a year. My penalty would be $2,400 ($96,000 x 2.5%) annually or $200 per month. If the employee-paid portion of my health insurance premium is more than $200 per month then I'd be better off paying the penalty (assuming I never need insurance).
To see how much I could save, let's assume my premium payments (deducted from the paycheck I receive every two weeks) are $250.
Total premium payments = $250 x 24 paychecks = $6,000
Penalty payment = $96,000 x 2.5% = $2,400
Savings = $6,000 - $2,400 = $3,600
The savings would increase the lower your salary and/or the higher the premiums are. You would almost certainly save a huge chunk of money by not paying for insurance. You'd have to put your money where your mouth is and drop your coverage, though.
tl;dr.
I just wanna blow my money on beer and video games, not health insurance. TIA.
Then you need to read the poast. I just told you how you could be saving thousands of dollars a year by NOT paying for health insurance.
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I was kidding. I read it. Right now, my employer covers most of the cost. I think I pay like $65 a month out of my paycheck for it, but I'd have to confirm.
this, yep! there is less than a zero chance that our place would flood BUT having been an insurance agent and watching "less than zero chance" things happen consistently, we bought FI. it's $280/year. would be insane not to own it in a hurricane state.
