Protect Your Home and Everything In It

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If you've paid off your mortgage or bought your home without a lender, you can technically forego homeowners' insurance—but it's a risky move. Homeowners' insurance serves as a crucial safety net, protecting not only your home but also your personal belongings like heirlooms, electronics, and other valuables. Additionally, many policies offer liability coverage, which can shield you from costly civil suits related to injuries or property damage caused by you, your family, or your pets. This is especially important if you have higher-risk items like swimming pools or trampolines.

While standard policies often exclude natural disasters like floods or earthquakes, additional coverage can be purchased if needed. Keep in mind that damage due to poor maintenance is typically not covered, as proper upkeep of your home is expected.

What are the risks of not having homeowners' insurance?
If you cancel your policy while still paying off a mortgage, you would be in breach of your contract with your lender, leading to financial penalties. Beyond that, the costs of rebuilding your home, replacing belongings, or facing potential liability claims could far outweigh any savings. Even if you're not legally required to have homeowners' insurance, it's essential protection for your financial security.