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.
Life changes can affect your insurance coverage, as well. When your lifestyle fluctuates, it may be time to talk to your insurance agent. Here are life circumstances that should prompt a call to the Taake Insurance Agency in Columbia, IL for a review of your insurance safety net.
- Marriage or divorce – Combining households means sharing risks. In these situations, a professional review of your homeowner’s policy could mean lower premiums. Your new spouse may also have some concerns that aren’t adequately addressed in your existing plan that an agent can help resolve. Divorcing partners need to update beneficiary information and discuss credit changes related to marital dissolution that might affect their coverages.
- Significant renovations – Adding rooms, tearing down large structures, underground work, and other home renovations affect more than your property values. They could also affect your insurance-related risks. Take your floor plans to your insurance agent to discuss how changes may affect your insurance. Some types of renovations may violate your agreement or require contractual changes. Schedule your insurance review before the work starts to prevent costly problems.
- Birth, death, and adoption – Adding new family members via birth or adoption mean updating your beneficiary list. It may also require an adjustment in your homeowner’s insurance coverage. More people means more stuff, so talk to your agent about increasing your coverage amounts or adding an umbrella policy as a back-up. Losing a family member triggers similar changes. If the subscriber passes away, your insurance agent can help you decide how to use payouts to your family’s best advantage.
The experts at Taake Insurance Agency are always happy to help you review your existing coverage. Contact our Columbia, IL area offices for help with your personal and commercial insurance issues.
Dogs are considered to be more than just pets by many people, but they also include a level of risk when it comes to how they react to others. If you live in Columbia, IL, leash laws and another city, county, and state ordinances are in place that requires you to maintain control of your dog at all times, even if you are on your own property. The agents of Taake Insurance Agency can discuss liability policies that may protect you from financial loss if your dog gets loose.
Maintain Control of Your Dog
Maintaining control of your dog at all times is a requirement in almost every state. That can mean keeping them on a leash or muzzling them while you have them in public. If your property is not enclosed, you can let them outside on a tie-out leash that will allow them to roam on your property. You need to inspect the tie-out lead frequently to ensure that it is in good condition and can keep your dog secure. Constructing a fence is another way of keeping your dog contained on your own property.
You Are Liable
If your dog leaves your property for any reason (even if it’s an accident), you will be liable for any damage or injuries they may cause. If the dog shows repeated aggressive behaviors, it may need to be euthanized.
At Taake Insurance Agency, the agents serve residents who live in the Columbia, IL area. If you have a dog or are thinking about getting one, call and talk to one of their reputable agents. They will be able to inform you of local laws concerning dog ownership. Schedule an appointment today and speak to an agent so you are fully prepared to bring your new puppy home.
Buying a home comes with a long to-do list. Don’t let homeowner’s insurance slip to the bottom.
As you embark on your home buying journey, it’s easy to spend hours creating a wish list, checking school ratings, and crunching numbers to see what you can afford. But it is equally important to know what you’re looking for and how you’ll protect it.
It’s a good idea to start researching early so that you understand the coverage suggested in the Columbia, IL area. Taake Insurance Agency can help you make sure you have a complete picture of the coverage you’ll need. They’ll also help you understand what you can expect to pay based on the type of home you’re looking to cover.
You’ll find, however, that you can’t get too far in the homeowner’s insurance process until you actually have a home. The type of home you buy, its location, and its value will all affect the coverage you need, so the details will need to be worked out once you’re under contract. As soon as you have a signed and accepted an offer, you can hit the ground running to line up your new policy.
Before you get caught up in paint samples and furniture shopping, make sure your insurance policy is in place to avoid hiccups getting to the closing table. In most cases, your mortgage lender will require you to have a homeowner’s insurance policy before you can close on the home, and without professional, efficient guidance, you could end up with a headache. Taake Insurance Agency is a local agency serving the Columbia, IL area; we’ll help you finalize your coverage in plenty of time.