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Old 12-25-2011, 10:30 AM
 
Location: Forests of Maine
37,474 posts, read 61,432,180 times
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Quote:
Originally Posted by kellysmith View Post
... I had no mortgage, but would imagine if a bank was financing the construction, they would insist on the construction insurance. I self insured because of the outrageous premium for the construction insurance.
With no mortgage, I thought that there is no body requiring you to have insurance.

How do you go about to 'self-insure', and who required that you provide this 'self-insurance'?
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Old 12-25-2011, 10:54 AM
 
973 posts, read 2,383,295 times
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Quote:
Originally Posted by forest beekeeper View Post
With no mortgage, I thought that there is no body requiring you to have insurance.

How do you go about to 'self-insure', and who required that you provide this 'self-insurance'?
To self insure means you take the risk on yourself. No premium but no one to pay a claim other than yourself if something happens. The State does it all the time...which is a whole other topic.

And no, you don't need insurance if you have no mortgage, but you might want a means to replace a loss if one happens.
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Old 12-26-2011, 12:41 PM
 
393 posts, read 982,500 times
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We got construction insurance AND (when complete) homeowner's insurance that wasn't unusually expensive through Goodwin Insurance Agency in Norway, via Traveller's. Being off-grid didn't seem to be an issue. Things may have changed since then, but at the time it wasn't a problem. Hope this helps.
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