For some, home insurance might seem like just another expense, especially if a lender doesn’t require you to carry coverage. If you’ve never filed a claim or haven’t needed to in several years, you might think about dropping your home insurance policy to save some money. However, in the long run, that approach could be much more expensive.

3 Ways Dropping Home Insurance Could Cost You

1. It Covers Out-of-Pocket Expenses

If something does happen to your home while you’re uninsured, you could face massive repair bills you’re unable to pay. Some perils, like fires, floods, and extreme weather can destroy your home, and if you don’t have adequate home insurance, you may be left with nothing. Your homeowner’s policy will also pay for alternative living arrangements while repairs are underway, as well as damaged personal possessions.

2. Your Future Premiums Can Rise

One of the factors insurers use to determine premiums is how long you’ve continuously had coverage. If you’ve gone without a home insurance policy, your rates will likely go up when you try to get coverage in the future. In some cases, this could potentially put coverage out of your reach.

3. It Protects Against Liability Suits

Home insurance doesn’t just shield you from natural disasters and theft. If you or anyone in your household causes an accident that injures someone or damages their property, your policy will pay for the victim’s losses, as well as your own legal expenses.
 

Texas County Mutual Insurance is a thriving insurance provider with a 100-year tradition of helping Missouri farmers protect what’s most important to them. Whether you need affordable home insurance or protection for your crops, you can rely on this company for friendly service and policies tailored to your situation. Visit their website for a sample of services they offer, or call (573) 674-3125 for free insurance quotes today.