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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?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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