Do I need home insurance when I don’t have a mortgage?

For most people in Chandler, AZ a mortgage lasts for 30 years. When the 30 years is over you may have a mortgage burning celebration. Your home is finally yours and that is a big deal. For those many years, you have paid home insurance to protect the investment that your lender has in your home. Now it is yours, do you continue to carry that protection or do you let your policy lapse? To carry or not to carry home insurance is a big decision and the experienced team at San Marcos Insurance Group can help you to make the correct choice. 

Home insurance offers some valuable protection and your home is the single largest investment most people ever make. Before you decide to save a little money by going without home insurance you need to ask yourself a few questions. If your home was destroyed by a covered hazard such as a fire, would you be able to repair or rebuild it without an insurance payment to help? If someone is injured on your property and sues you would you be able to hire an attorney and pay any judgment against you out of your pocket? Imagine how high such a judgment could be. 

Most people own a lot of things. If your home was destroyed by something like a tornado you could lose everything. Try to imagine having to replace all those things at one time, it is an overwhelming thought. How about having a place to rest your head if your home is uninhabitable? It could be for weeks or months. Would you have the money to pay for it?

Hopefully, these questions have made you think about how valuable your home insurance is to you and your financial security. Give the knowledgeable agents at San Marcos Insurance Group in Chandler, AZ a call for an appointment to discuss the benefits of home insurance.