If owning your own home is the American dream, paying off your mortgage is the next step. After all those years, your home is finally yours. No more mortgage payments, and now you may be wondering if you could save even more by dropping your home insurance. There are no laws in any state that requires that you carry home insurance, but unless you live in a bubble, it may not be the best idea in the world. Residents of Harrison, AR and the surrounding area can count on Foresee General Insurance Agency, Inc. to fill all their insurance needs. 

In the simplest terms, home insurance offers some valuable protection that you probably still want to keep even after your mortgage is paid off. It covers the physical building against a lot of hazards. It also covers structures that are attached to your main building and some detached structures as well. Assuming that you love your home, which most people do, you wouldn’t want it to be destroyed and not be able to rebuild. 

Your home is filled with memories and also with your possessions. Think about trying to replace everything that fills the rooms of your home, the closets, the drawers, and the cabinets. You own a lot of stuff. You count on most of it to function every day. Try to imagine living without it. Not worth contemplating for most people. 

Liability is something that is maybe the most crucial coverage of all. It only takes a minute for something to go wrong and for you to be sued. Losing everything that you have worked so hard for years to accumulate is the stuff of nightmares. 

Once your mortgage is paid off, you could let your home insurance lapse, but that would be a very bad idea. Too much depends on it. 

If you want to reaccess your home policy or get a policy review, give us a call at Foresee General Insurance Agency, Inc in Harrison, AR. We will sit down with you and make sure you are getting the coverage you want at a price you can live with.

What your home insurance covers after a disaster will depend on what occurred and your policy terms.

What Does It Cover?

Hazard insurance on a standard policy will cover many different natural disasters, such as fire, lightning, and wind. If you aren’t sure which natural disasters are covered under your specific policy, speak with an agent at Foresee General Insurance Agency, Inc. in Harrison, AR.

• Lightning: If lightning strikes a tree and causes it to fall over and damage your home, then the dwelling coverage will pay to repair the damage. If your belongings are damaged by a peril such as lightning, then the personal property insurance will kick in to cover those items.
• Fires: Whether it’s an accidental blaze, a fire caused by a vandal, or a wildfire, it can be covered under home insurance. Both dwelling coverage and personal property coverage can be used to pay for damages.
• Tornados or Hail: These natural disasters will often be covered under a standard policy. If you need to relocate while your home is being repaired as a result of these disasters, then additional living expenses coverage can kick in.

What Does It Not Cover?

Even though home insurance will cover quite a few disasters, there are some instances when your policy won’t cover any damage. Damage caused by earth movements, such as landslides, mudslides, sinkholes, and earthquakes, isn’t covered. Damage from floods also will not be covered. There can also be exclusions for other water damage and mold that comes from a sewer backup. If you live in an area where flooding is common, then you want to get a separate quote for flood insurance. Maintenance damage, such as pest infestations, are not covered either.

Contact Foresee General Insurance Agency, Inc. in Harrison, AR to get a quote on home insurance.