Comment by zafka

I borrowed privately in 2006 to pay off the last 20 K of my 50 K mortgage. Then dropped my insurance which was asking 5K a year - previously about 1 K. I am betting most wealthy folks build resilient structures and carry minimal insurance. If you can cover the costs easily, why pay for the administration and profit of the insurance companies. -- South Florida here. Direct hits from Francis and Jeane, Wilma was milder, but a spun off tornado took the roof off my business.