Building insurances are approaching the point where they are no longer worth the money. We're personally getting closer to being able to dispense with building insurances ourselves, by being open to very low cost rebuilds - containers, tiny houses, converted barns, that kind of thing. Will be awesome to get rid of those last premiums .. presently costing us thousands per year.
That's what is known as Third Party, and is usually compulsory. Can't do much about that. The big rip off is car insurance. When you're insuring the machine against damage etc. That's the one we haven't bought in decades .. and never will.
I'll call it a benefit of where I live (a bit 'rural' lol) but my homeowner's insurance for full value rebuild (not what it cost us to buy 20 years ago) is $600USD per year, and the auto insurance (three vehicles, full coverage) is $1200USD per year. The investment is worth it, IMO.
We pay $1000 (at least) per vehicle, and about $2000 per year per building for building insurances. You can see why it's out of the question, at that price. Imagine paying over $1000 a year on a car worth $6000. Insanity.
Primary residence, we almost certainly wouldn't rebuild. The land is worth 99% of the value of the property, so it would be a waste of money/premiums. But if we were determined to stay, we'd do the cheap alternative building as per my earlier post. Spend $100k on a (multi) container house, or converted shed/barn.
Cherry picking NONSENSE! My link called it an INSURANCE tax! FICA is the means to collect funds to cover FEDERAL INSURANCE programs like Medicare and Social Security. Both of those programs provide BENEFITS to the people ENROLLED in those INSURANCES. If you are enrolled and become become DISABLED then Social Security will provide you with DISABILITY payments. That is how INSURANCE works!
Say what? It's a simple statement, people paid into social security for decades and if they die before they can collect the money proof disappear. It never was an insurance program but a huge bet you would die before pay day... Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women, and the retirement age was 65. https://www.ssa.gov › lifeexpect average life expectancy - Social Security History
<Mod Edit> Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women, and the retirement age was 65. https://www.ssa.gov › lifeexpect average life expectancy - Social Security History
Cherry picked bovine excrement again? No one who is just born was contributing to SS. Had you bothered to ACCURATELY quote your own link this is what it says about ADULT LIFE EXPECTANCY when it BEGAN.
Uhm the first people to collect social didnt contribute a dime... Once again Social security is not a insurance program, it's a bet you die before you collect
In red letters Impressed. I can do it also Life expectancy at birth in 1930 was indeed only 58 for men and 62 for women, and the retirement age was 65. https://www.ssa.gov › lifeexpect average life expectancy - Social Security History
You are screeching again, DT. You need not yell, even when you are proven wrong. SS and McCare are a tax. The government tells you when you may be entitled for payouts, how much they will pay you, and then turn around and tax you on it. You don't know the amount, the government will calculate and let you know what they feel like paying. None of the above applies to insurance, and insurance is not mandatory just because you work. Savvy?
Exactly it's just a tax employee's and employers must pay into, the government raids it and then claims it's going broke
You have ABJECTLY FAILED to establish that SS is NOT insurance. Not my problem if you cannot "savvy" the REALITY of Social Security!
Actually, you have abjectly failed to prove otherwise. You do realize your continued need to capitalize certain words only highlights your frustration of not being able to put forth a substantiated argument?
Your 'documented reality' called it a tax. How much further do you want your failure to substantiate your claim to be announced?
What if you die at 94? It really sucks to have to pay into the system, but the added security just might make all the difference in the world when you can no longer work and your 401k or other retirement plan suddenly disappears.