No Wind Coverage? Would You Take That Risk?

No Wind Coverage?  Would You Take That Risk?

A small but growing number of homeowners are taking an extreme approach to insurance against hurricane winds: They're going "bare" — doing without the coverage entirely.

While the option of doing without wind coverage is generally limited to people who don't have mortgages — banks typically require borrowers to carry insurance — even a slender increase in those going uncovered could have broader repercussions in the wake of another major storm.  A drop in insurance payouts could leave storm-struck areas with fewer resources for rebuilding and shift some of the burden to taxpayers.  That more individuals are opting to go without coverage also underscores the breakdown of the insurance system in coastal areas.

Some insurance agents say they are seeing an increase in the number of clients who have taken the plunge of going uncovered or discussed the option.

We're curious on this…  would you take the risk (if given the option and you were not dictated or made to have wind coverage by your mortgage) of going without this coverage just to shave a few bucks off of your premiums?  We'd love to hear your comments on this by clicking the comment link below and telling us what you think.