The sad truth is home insurance is not required by any state in the union. The only requirement for home insurance is from a lender when they have a lien on your home for the balance of the mortgage you owe. When you pay off the mortgage it is up to you to decide what you want to do going forward. At Robnett Integra Insurance Services in Brownwood, TX, we understand the importance of having your home protected. As independent insurance agents, we have the tools needed to help our customers find insurance coverage for all their needs.
The simple answer to do I need home insurance once my mortgage is paid off is yes. If you are very wealthy and could easily afford to pay for any repairs or the complete rebuilding of your home then you probably can survive without home insurance. For most other people, this would be a hardship. But property coverage is just one part of home insurance.
Think about having to replace all your personal possessions. Would that be something you could do out of your savings? Even just replacing all your furniture and appliances would be a huge expense.
Another coverage home insurance provides is liability coverage. This pays for legal expenses and action against you in the event someone is injured while visiting your home. You are responsible for medical expenses. If they decide to sue you, it could run into six figures. How would you be able to pay a judgment against you?
When your mortgage is paid off it is tempting to let your home insurance lapse as well. For most people, this is not a good idea and could leave you vulnerable.
If you have questions about the value of having home insurance contact Robnett Integra Insurance Services in Brownwood, TX. We will answer your questions and explain the many benefits of home insurance.