Why you need home insurance even if you don’t have a mortgage

The feeling of elation you experience when making your final mortgage payment may be intermixed with questions regarding your home insurance. Do you still need it? Nobody wants to pay for unnecessary services, but in this case, it’s crucial to understand what home insurance offers. At Fenzl Insurance Agency in Hamburg, NY, our team of independent agents possess the information you need to make an informed decision about the protection you require. 

Protecting your investment

Your home is likely the most substantial investment you will ever make. Unfortunate incidents occur, so it’s crucial to have home insurance. It serves as a safety net, protecting you from things that could significantly damage your home. Home insurance preserves your investment in two ways. It provides property coverage, which protects the physical structure of your home. Additionally, it supplies you with liability insurance, shielding your finances from lawsuits if someone is injured on your property. 

Covering the value of your contents

Unless you’ve completed a home inventory, you may be unaware of the actual value of your possessions. Consider all your clothes, electronics, furniture, appliances, decorations, books, and more — losing these without home insurance would result in a significant financial loss. 

Providing a temporary home if your property is damaged

Another advantage of home insurance is its coverage of living expenses should your home become untenable due to an insured peril. This loss-of-use insurance reimburses you for hotel stays and some meal costs if your home is uninhabitable. It’s a part of your policy that you would greatly appreciate. 

Consider Fenzl Insurance Agency in Hamburg, NY for all your home insurance needs.