Now that the mortgage is settled in full, the temptation to let the Homeowners Insurance lapse may be strong. After all, the coverage was in place for years without the need for filing a single claim. While the idea of getting rid of the obligation may have some appeal, the homeowner should remember there are other reasons for choosing to maintain that coverage.
Local Laws
It is not unusual for local jurisdictions to require homeowners to maintain a minimum amount of Homeowners Insurance. Choosing to not do so could lead to the assessment of significant financial penalties. Before choosing to drop the policy, find out what is required for the area. Doing so will make it easier to avoid awkward situations in the years to come.
Dealing with Injuries
The fact that the homeowner never had to file a claim in the past does not mean it will not be necessary to do so tomorrow. Consider what would happen if a visitor was injured while on the property. Many plans do include liability coverage that would help cover the costs of medical care and maybe even provide some funds for lost income during the recuperative period. Without the insurance in place, the homeowner would have to come up with all that money in some other manner.
Adverse Weather Conditions
All it takes is one severe storm to justify all those years of paying home insurance premiums. Think what would happen if a storm ripped off the roof or otherwise damaged the structure. How would the homeowner manage the expense of making the home livable again? Choosing to keep the coverage in place will mean that if the home is damaged due to a covered event, the money will be there to make the repairs and restore the home to its former condition.
For owners who are in need of home insurance, Get A Free Quote Today. Go over the terms carefully and make sure there is no question about what sort of benefits are included. With a little time and effort, it is possible to make sure the property is adequately insured and help will be there if it is needed.
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