They Say, HearsayI resent paying an insurance premium, so my defense is to pay off the house. Then, I will pay myself the $2,000 a year that I now fork over to the insurance company. Odds are that in the next 25 years, I will come out ahead.

We SayBeing able to pay off a mortgage is for the prosperous, smart, and lucky. Deciding to self-insure kind of eliminates the smart people from the mix, though the prosperous and lucky might remain—for a while at least. There are those who will take a gamble on 25 years without a major hurricane in Florida. Hey, only 20 more years to go, since we’ve been storm-free for five years in a row already. What are the odds that a storm will strike this year or next?

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