Spencer and Kim discuss the rising cost and decreasing availability of homeowners insurance, and how people can prepare for potential future issues. A recent incident where a tree limb fell and damaged a greenhouse on their property led them to talk about the potential costs and benefits of having homeowners insurance, especially when it comes to damage repair and tree removal. They also touched on the increase in homeowners insurance costs and difficulty in obtaining it in certain areas like California and Florida. The hosts also discuss how life insurance can be a place to build up cash value that can potentially be used to replace or repair a property in case of an emergency. However, they strongly advise against turning down house insurance and self-insuring.
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Links and Resources from this Episode
- For resources and additional information of this episode go to https://prosperitythinkers.com/podcasts/
- Story about a tree falling and damaging a property, illustrating the role of homeowners insurance
- The rising costs of homeowners insurance CA and FL, resulting from real estate transactions
- Advantages and complexities of self-insuring a home
- The role of cash value in life insurance policy in replacing a home
- The service offered at prosperitythinkers.com
- Potential foreclosure triggered by lack of homeowners insurance
- Possible solutions: Banks providing insurance or community-built insurance like Christian medical communities
- The concept of self-insuring and the role of a life insurance policy
- Importance of having a stable, guaranteed asset such as cash value of whole life insurance to self-insure
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