One of the most significant purchases most of us will ever make is the purchase of a home. Paying off a mortgage is an even more significant accomplishment because it says that we’ve paid off the biggest purchase of our lives. However, once we’ve paid off a home mortgage, is it still advantageous to keep homeowners’ insurance? Before you’ve paid off your home, its a requirement for most, if not all, mortgage companies. What are the advantages of maintaining homeowner’s insurance once you own your home?
Your Home Appreciates Over Time, So You Need to Protect It
Unlike a car, your home grows in value over time. This is why homeowner’s insurance is a great idea. If something happened to your home, this insurance would help you to restore it. Without it, most of us wouldn’t have the money out of pocket to rebuild a home or pay for several expensive repairs. This insurance protects your investment by providing funding to restore it if something should happen to it. Taake Insurance Agency of Columbia, IL understands the importance of protecting the investment you’ve made in your home by providing financial protection in the event of some unforeseen incident that affects your home.
Homeowners Insurance Has a Broad Reach
Homeowners insurance not only protects the structure of your home, but it also extends to protect items beyond the structure of your home. It can protect your belongings and other structures on your property. This form of insurance has long arms and is a safeguard for your home, the things within your home, and the surrounding structures on your property.
Homeowners Insurance Provides Protection for You Too
Homeowners insurance can also cover medical bills, lawsuits, and even the cost to relocate in the event of some incident that makes your home unlivable or where you would be considered liable. This insurance steps in and can protect all these areas as well.
Once you’ve paid off this considerable investment, homeowners insurance goes on protecting you, your investment, and your property and surrounding structures. This is one of the many reasons why it’s still a smart move to maintain your homeowner’s insurance even after you’ve paid off your mortgage. Taake Insurance Agency of Columbia, IL takes pride in helping families to continue to protect their largest investment. Give us a call.