Do You Need Homeowners Insurance or Just A Home Insurance Update?
Whether your new home is a condo downtown or a house in the countryside, you might be wondering whether you need to buy homeowners insurance. You could be required to buy a policy if you purchase a condo that requires owners to have homeowners insurance. Or your home mortgage lender could require homeowners insurance to protect their investment.
Typically, you aren’t required to have homeowner’s insurance after you pay off the mortgage on your house. However, if you cancel it, you won’t have coverage should something happen to your home.
When your life goes through changes, don’t forget to review your Homeowners insurance policy.
Depending on your circumstances, you may find that you now need a new type of coverage. Or perhaps you have become eligible for a discount on your current policy.
In addition to when it’s time for your renewal, Cloverleaf Insurance recommends reviewing your homeowners policy if you:
- Make major home renovations
- Purchase new valuable items such as jewelry, electronics or art
- Install home-safety features
- Marry or divorce