Paying off your home is a significant accomplishment, providing owners with the satisfaction of no longer owing their lender money. When it comes to getting home insurance, things can get somewhat confusing. Do you need home insurance if your home is mortgage-free? While it’s not technically required, it is highly recommended. Home insurance provides an important layer of protection that residents in Scotia, NY should consider.

Why Consider Home Insurance Even Without a Mortgage?

When you have a mortgage, your lender requires home insurance to protect their investment. Once you own your home outright, it’s up to you to decide whether to keep coverage. However, home insurance isn’t just protection for the bank. There are numerous risks that can still compromise your investment, including fires, home invasions, or liability claims. Having some level of protection in place makes sense in case the unexpected occurs.

Protecting Homeowners in Scotia, NY

Homeowners insurance is a smart option, especially with the unpredictable weather in New York. From harsh winters to summer storms, property damage can happen when you least expect it. Once your home is officially paid off, you have 100 percent equity, meaning you are solely responsible for any damages or unforeseen events. The value of home insurance remains clear, even without a mortgage. Our team at DePaulo Agency works with homeowners at all stages, whether they recently bought a home or have owned a property for years.

The Smart Choice for Homeowners

Even if you’ve paid off your mortgage, keeping home insurance is a smart way to protect your investment and your future. For expert advice, contact DePaulo Agency today to discuss an insurance policy that fits your needs.