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Is homeowners insurance optional?
Do I need to keep the homeowners insurance on my house after I pay off my mortgage next month?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Congratulations on paying off your home!
After your home is paid for, you are no longer required to keep homeowners insurance, but you should anyways.
Mortgage companies and banks require that you have insurance to protect their interest in the property in the event of a devastating loss. They do not want the property to suddenly and significantly decrease in value while they still own the property.
This is the same reason that you should continue your policy. This will protect your investment so that you don’t lose everything that you worked so hard to pay for.
Insurance requirements may change once your home is paid off, so it’s a good time to reevaluate your policy. Consider using a smart comparison tool like
Jerry
. Jerry pulls quotes from the top 45 insurance companies in seconds to help you find the best rate.”View full answer
- Gregory R.
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