Whether you’re just starting your journey as a homeowner or have a mortgage nearly paid off, you may have questions about how your mortgage and insurance are connected. If this sounds like you, you’re in luck! The Palm Valley Insurance Inc. professionals in Ponte Vedra Beach, FL can help.
Mortgage Lenders require Home Insurance.
As you may or may not be aware, the vast majority of mortgage lenders require you to show proof of home insurance before you close on your home. This is done in an effort to ensure that their interests are protected if the house is damaged or destroyed. This serves to guarantee that the original loan is paid back and that the losses are replaced or repaired.
You Should Keep Your Insurance After Paying Off Your Mortgage
Though you are no longer required to have homeowner’s insurance once you’ve paid off your mortgage, it’s in your best interest to keep it. Say you’re a victim of a house fire. Without homeowner’s insurance, the cost of repairing, rebuilding, and replacing your belongings will fall solely on your shoulders.
In addition, if someone were to be injured on your property, your insurance policy will help you cover the associated costs should you be held liable. Your policy may also cover your accommodation expenses if you cannot stay in your home while it’s being repaired.
Find the Right Coverage for Your Home
It’s vital that you find the right policy for your assets. Finding a policy that fits your budget is just as important. Fortunately, our Palm Valley Insurance Inc. team in Ponte Vedra Beach, FL has the experience you need to find your ideal coverage without breaking the bank. Give us a call today to get started!