What is the best homeowners insurance?

What type of homeowners insurance should I get?

• Here's the deal. I've recently paid off my house so I am NO LONGER bound to buy homeowners insurance... However, I really don't want to "risk it all"... I am a VERY frugal person and looking to SAVE MONEY in any way possible. It was by my frugality that I was able to pay off the house. That said I am looking for a policy that covers the "sticks and bricks", but I don't really care about contents because much of my stuff I bought at garage sales and flea markets etc. So if the "whole thing burns down or blows away", I just want the money of what my home is worth OR for them to rebuild it. I don't care about the contents at all. I just want it to be CHEAP!!!! I live in Texas. What kinds of policies should I be looking for?

• Answer:

  Look, the CHEAPEST way to buy homeowners insurance, is to buy the "package deal" HOA or HOB form in Texas. Yes, you CAN buy "ala carte" coverage, with ONLY building, and ONLY liability, but it's going to cost a heck of a lot more than that package deal. So. Your best bet is to put a hefty deductible on the policy, exclude theft coverage entirely, and keep the same policy. That package, you realize, doesn't CHARGE you based on your contents - the ENTIRE premium is based SOLELY around the dwelling coverage amount - which isn't going to change just because you paid it off. Don't forget, in many parts of Texas wind is excluded; in other parts, you're subject to a separate wind deductible. Lastly, maybe you should talk to a local agent (not me) and have them shop your coverage out. They might have additional suggestions, like bundling the auto insurance with the same carrier, etc.