Legacy Home Transfers In Colorado: The Denver Post

More than one in ten homes in Colorado are transferred to relatives.

I plan to do that with my home. Give it to a niece or a nephew when I move onto senior living, but now I wonder how much more money I will need to give them to afford the property taxes and insurance costs.

Fred, If your home is paid for and your home insurance is very high why not just become your own insurance company and save that money instead of paying it to a company? A fire can not destroy the main value of it which is the property that your home sits on. I have gone that rout and wish I would have done it years ago when I no longer had a bank loan that the insurance is mainly protecting. Most insurance policies do very little in making you whole again unless you are paying them very large amounts to do so.

Great advice! So many large companies self insure, and last time I had a claim for weather damage, the insurance company refused me anyways.