WEST PALM BEACH, Fla. — As insurance premiums keep rising, some Florida homeowners are giving cancellation notices to insurers.
"Put it in the back self-insured," Dan, a homeowner who lives in West Palm Beach's Sunshine Park neighborhood, said.
"Keep the money, put it in the bank, don't use it, that's all, use it exactly what it's there for, disasters," he said.
Dan said he gave up wind coverage a couple of years ago when his premium hit $5,000, and has kept other insurance on his home.
He no longer has a mortgage, one of the primary requirements for declining coverage, and has impact windows and a strong roof.
"There are a lot of clients that feel my mortgage is paid off, my house is fortified, I've got newer windows, newer doors, newer roof," Robert Norberg of Arden Insurance in Lantana said, "the likelihood of a claim is a gamble they want to take.”
Norberg said he advises people thinking about going bare to make sure they have enough money in the bank to replace their home.
Instead, he said he advises homeowners to find other ways to save money.
"I would say, 'Hey, let's take higher deductibles,'" Norberg said. "Let's do whatever we can to get some catastrophe coverage."