Shortcut Navigation:

Question for the Money Doctors

Question submitted on Jun 23, 2014.


I've had fire Home Owners Insurance for 18 years , never used it once. How do I get Reiumbursed for the 216 payments of 89.00 monthly or parts of it?


You will have to read the policy specifications. Some policies carry a provision that lowers premiums or refunds some money if no claims are made. Unlike some term life insurance plans and disability income premium plans, generally homeowner's insurance does not carry a refund option.

Where it makes sense for insurance is when events covered by insurance are rare in occurrence and high in cost. A fire is such an event which is best paid for by coverage.

Most home loans require insurance to be maintained until the home loan is paid for.

If your home is paid for, you most likely have the option to carry home owners insurance.

However, whoa be the person who does not have insurance and something bad happens on the property. You will stand to lose significant sums of money which could inflict irreparable harm and destroy a life's work.

If you have assets, the question becomes what coverage do you have to shield the assets. While the checks to insurance companies are despised, the knowledge that checks could come from insurance companies give great peace of mind.

For additional information visit