Is It Necessary To Keep Home Insurance Coverage If Your Home Is Paid Off?

Every homeowner that finances is required to provide adequate home insurance coverage until their home is paid off. After your home is paid off, you may be wondering if you should continue to keep your home insurance coverage.


Your home is one of the most valuable assets most people will own in their lifetime. The average home today is worth over $100,000 and is filled with thousands more in furnishings and other personal items. If you neglect to carry home insurance to protect your home and its belongings against a covered event, then you stand to lose it all if there is a catastrophic event such as a fire. Old and new homes alike are susceptible to fires and other damage, which is why you should always maintain your homeowners’ insurance.

Adequate Coverage

When you purchase home insurance, you want to make sure that you are not overpaying to help you stick to your budget. One of the most effective ways to get the right insurance is to consult an experienced insurance agent. They can help you take inventory of your belongings, as well as correctly assess the value of your property to be included in the insurance policy. To contact an authorized insurance agent representing Austin, TX, The Policy Source is ready to answer your home insurance questions and address any concerns.

If you are looking for high-quality home insurance products in or around Austin, TX, The Policy Source is ready to assist you. From purchasing home insurance to submitting a claim, they are there to help you every step of the way.