09-04-2015, 12:21 PM
(09-04-2015, 11:51 AM)bfine32 Wrote: Yes there are consequences for not having insurance
Requirements come with consequences. Without consequences can it be a requirement? No. Those consequences which create the requirement are why so many people have insurance. Without the requirement many, many more people would not have insurance...mostly in the auto field. We have seen that in the past. Which is why the requirements were created along with the penalties...cus, agian, without penalties there is no requirement.
When we are talking about home. Many wealthy homeowners that have no mortgage, self insure. I see it all the time. As I said in a previous post. They view the cost of the insurance over time prohibitive vs the likelihood of a loss. LOL...They do it here on a barrier island where hurricanes are likely.
Sure you can reduce your physical insurance on your vehicle once you pay it off...A lot pf people do this. You however can not remove your liability.