Should I still have homeowners insurance if I paid my house off?

I got some of my inheritance early and I decided to build a house. The house is paid off, so I don't have a mortgage. Should I still get homeowners insurance?

Answer
“Even if you’ve paid your house off, homeowner’s insurance is a must to protect your assets.
For example, imagine if you bought a Lamborghini with cash. You wouldn’t ignore comprehensive coverage and collision coverage. You’d still want to protect it from any damage.
The same goes for your home. You want to make sure your home, the valuables it contains, and the people who live in and visit it are protected.
If it’s about saving money, you might want to raise your deductible for claims. By doing so, you still have the coverage you need to protect your assets without a high monthly premium. You can also shop around using a smart-comparison tool like Jerry to get multiple quotes and find the best rates in minutes.”
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Eric Schad
Answered on Aug 12, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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