Pay $5000 to change asbestos siding or $400/yr more for insurance

[Thuy Pham-Satrappe]

Deciding whether to invest an additional $5000 toward covering asbestos siding to decrease my insurance cost by about $400/ year. Assuming rates stay the same (or increase equally each year) it would take about 12 years for the cost to break even.

While my intention is to keep the property long term, I feel that $5000 could be "better spent" from a short term perspective for something such as adding AC or using the $5000 toward another property.

Would appreciate additional perspective/ insight/ cost/ value analysis!