Is Self-Insuring My Home a Smart Move?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 11 July 2025

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	This episode is brought to you by SmartVester.
0:08.0	Connect with an investing pro near you at Ramsey Solutions.com slash SmartVestor.
0:13.6	All right, let's go to Martin in Lubbock, Texas.
0:16.3	Martin, how can we help today?
0:17.7	Hey, man.
0:18.5	I appreciate Anthony McCall.
0:20.7	I enjoy listening to you guys.
0:22.1	Thank you.
0:23.3	I'm calling about insurance.
0:26.1	I'm a 65-year-old rancher that puts insurance about a step above the IRS.
0:35.9	And I'm to the point of trying to decide if I want to self-insure, not my vehicles
0:42.9	so much, but our home and our outbuildings on our ranch. And just kind of want your idea
0:50.2	about it. I've been thinking about this for quite a while. Well, my guess is you're thinking about it because you've got, you think the right amount
0:57.1	of cash, right amount of money to be able to do this, or is this just an idea only?
1:02.1	Well, I can replace it myself.
1:05.2	Yeah, run the numbers.
1:05.9	Yeah, run the numbers out for us.
1:09.1	Well, the house I'm going to say is probably what they have it valued at $780,000.
1:16.0	And then I've got two barns that about $150,000 apiece, I can build them cheaper than that,
1:23.9	but that's what it would cost if I had them built, because I built them years ago, or we did.
1:28.7	A couple other buildings run probably about $50,000, so whatever that comes out to, a million or so dollars, maybe, let's say a tornado came through, which has happened before, but I have not made a claim on my home ever, not a
1:48.5	hail claim.
	...

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