Multifamily Insurance in Florida

[Mo Suissi]

Hi Guys, What do you think about the idea of paying off your multi-family mortgage so you are not forced by the lender to get a (property insurance ) , to be specific, my loan is 1.3 million $ at a 4.7% interest rate, and my insurance jumped from 23k on 2022 to 85k in 2023.  I have the 1.3M sitting now in a money market earning 5.7%. and I can invest in a new property that can minimum earn 6~7%. so what do you think is the best move here. ? 

[Andrew B.]

No one has ever become a millionaire by saving money on insurance, but quite a few people have gone broke that way.