Tag: home insurance

Paying off your mortgage is a milestone worth celebrating—no more monthly payments, no more interest, and complete ownership of your home. It’s a significant financial relief. But just because the bank no longer requires you to carry home insurance doesn’t mean you should drop it. At Peninsula Underwriters Insurance Agency, serving the greater Gainesville, FL area, we often remind homeowners that insurance still plays a crucial role, even when the mortgage is gone.

Your Home Is Still at Risk

Your house may be fully paid for, but it’s still vulnerable to things like fire, storms, theft, or other unexpected damage. Without insurance, you’re on the hook for all repair or replacement costs out of pocket. A single event, like a tree falling on your roof during a storm, could cost tens of thousands of dollars. Home insurance exists to protect that investment, no matter who technically owns the deed.

Liability Coverage Still Matters

Home insurance isn’t just about the structure of your house. It also includes liability protection. If someone gets injured on your property, you could be held financially responsible. Insurance helps shield you from costly legal bills or settlements. Without that safety net, one accident could put your financial future at serious risk.

Assurance Is Priceless

There’s something comforting about knowing you’re covered. Life is unpredictable, and home insurance helps you prepare for the unexpected. Just because you’re mortgage-free doesn’t mean you have to take on all the risk yourself.

If you’ve recently paid off your home or are considering adjusting your coverage, reach out to Peninsula Underwriters Insurance Agency, which provides insurance solutions throughout the Gainesville, FL region. We’ll help you find the proper protection so your home—and your peace of mind—stay intact.

One primary reason to insure your home in Gainesville, FL, is to protect its contents. Coverage typically includes clothing, electronics, furniture, and similar possessions. However, are your most valuable items covered under a standard policy? We at Peninsula Underwriters Insurance Agency can help you understand more about protecting your valuables.

Coverage Limits on Valuables

Standard homeowners’ insurance policies cover the loss of items such as jewelry, furs, collectibles, watches, art, and so on. However, if these are high-value items, your policy might only compensate you with a fraction of the replacement cost if damaged or stolen. To lower homeowner’s premiums, providers limit liability for a covered loss. Typically, there’s a per-item and an overall limit for losses resulting from a single covered incident, which usually does not fully cover your valuables’ worth.

Options for Increased Coverage

To adequately protect your collectors’ items and other valuables, you could increase the liability limit on your policy. This less expensive option still imposes per-item and per-incident limits. A better choice might be to buy an add-on to your homeowner’s policy and schedule the items you want covered under it. Scheduling your valuables allows for additional incident coverage, like accidentally dropping a ring in the toilet.

One vital aspect to remember is documenting your valuables thoroughly, especially when insuring them on a schedule. Some insurance companies may require you to get an appraisal.

If you need help determining how to properly insure your valuables, feel free to contact us at Peninsula Underwriters Insurance Agency, serving Gainesville, FL. Schedule a consultation today.