I have a lot of insurance and yes, it costs a lot. I'm a lot more careful about the insurance I buy these days.Insurance agents are in the same game as the tax man, fleecing property owners off of pie in the sky property valuations that have yet to come to pass.
Nobody has replied to this thread but figured I would continue where I left off.
I am working on changing my policies from "replacement cost" to "actual cash value."
There is a huge rip off going on right now where all property valuations are going through the roof - sky high - as far as taxes and insurance are concerned. And instead of being insured for what you paid for a property or what you owe on it, you are being charged rates based on what it "might" be worth in today's market.
If you paid $200,000 for your house and owe $150,000 on it, it doesn't necessarily benefit you to be paying insurance costs to replace it for $500,000 just because the market *might* value it close to $500,000... That only benefits the insurance guy...agree or disagree?
@Antifragile
Here's an insurance tale that may serve as a warning to you. My partner and I had 3 large commercial buildings burned down to the ground in the Rodney King riots many years ago. And we learned this little insurance fact the hard way. Civil unrest was and is commonly an exception in the fine print. The commercial fire insurance didn't pay for our buildings, but the lender came after us for their mortgage money. Fighting the fight -- and paying the amounts due -- costs me everything I had built up over many years of work -- plus a lot more years of future work. When I watched the riots a couple years ago I thought, here we go again. Fortunes won and fortunes lost over the fine print!