Homeowners insurance is mandatory when you mortgage a home, whether in Atlanta, GA, or someplace else, and many homeowners have the cost included with their mortgage payment. Even if you’re no longer paying a mortgage, maintaining your homeowner’s insurance policy for peace of mind is still a good idea. Allowing your homeowner’s insurance to lapse could have serious consequences.
Your Mortgage Provider Could Take Action
If you allow your insurance policy to lapse, your mortgage provider might be forced to purchase a policy for you. If your mortgage company does do this, you will be sent the bill, and the policy will likely cost a lot more than if you had maintained an insurance policy yourself.
You Might Be Forced to Pay Out of Pocket
As a homeowner, you’re responsible for anyone who becomes injured while on your property. At any time, a person could sustain an injury while on your property, which could end up costing tens of thousands of dollars. Without a current homeowner’s insurance policy, you would be required to pay the person’s medical bills out of pocket, which might be much more than you can comfortably afford.
As you can see, it’s important to maintain homeowner’s insurance, even if you no longer have a mortgage. You can never predict when an event might occur that causes you to need to file a claim with your insurance company. You should consider Rob Hill Insurance Group if you need an insurance provider. Not only do we at Rob Hill Insurance Group provide coverage for Atlanta, GA residents, but we go above and beyond to ensure our customers’ needs are met. Contact us today for a quote and to get started.