Insurance Isn't For Maintenance - Kayla Blount; ROPE Report Short

In case you missed it live, you can find the full podcast here on Rumble and on YouTube.

Probably one of the best conversations we had about this topic didn’t actually make it into the podcast! After we had finished, Kayla and I started talking more about the rising rates and how people could help themselves lower their home owners insurance costs. She said something I thought was SO IMPORTANT, I asked her to have the conversation again so I could record it.

Listen to what Kayla is saying in this clip – it truly is important…

Sadly, I think people today have gotten out of the habit of saving for emergencies. I think they’ve even gotten out of the habit of thinking they should bear the responsibility of paying anything out of pocket that they have insured.

I’m old enough to remember car insurance in the late 70’s and early 80’s. Back then, my car insurance only paid for some really major repair – basically, to own a car, you had to put some ‘skin in the game’ – you had to be able to pay for some repairs in cash, not through insurance. That was for a major wreck, not a fenderbender.

In fact, I think that the philosophy of, “I pay for insurance, I don’t need to pay for anything else” is super bad and here’s why. The more you expect a company of some kind to protect your investment, the more power you turn over to that company to regulate what you insure. Think on that and the insurance policies you pay for. Your insurance policies can be upwards of 20 pages; here’s what we’ll pay for and here’s what we won’t and if you want this coverage you have to do this…

Now, what happens when you have a water leak and you don’t want to pay the 3500 dollars it’s going to take to completely remediate the damage, so you file a claim on your insurance. Your insurance carrier will come along the next year and charge you more on your policy and increase your deductible because they had to shell out money to fix a relatively minor issue.

The MORE we use insurance, the MORE we’ll pay for insurance. It just is the way it works.

People have got to get to the point where we’re willing to have responsibility for the things we have and expect insurance to pay for CATASTROPHIC damages, not ‘fenderbenders’ because we are either too lazy or too unwilling to save for a ‘rainy day’.

Yes, the economy is HORRID. Yes inflation is UNBELIEVABLE. Still and all, we can’t give up our responsibility for the things we own to only insurance. We need to get back into the habit of building up an EMERGENCY FUND – even if its only 10 bucks a month. That is really the best way to save money on insuring the things we own.