Homeowner’s Insurance — When You Need It

Homeowners in Houston, TX, who own their home outright but still carry homeowner’s insurance may be wondering if they are still required to have full coverage. While Texas does not require homes to have homeowner’s insurance, if the home still has a mortgage, the lender would most likely require that you have a policy. So, homes that are paid off and have no mortgage or other loan do not need homeowner’s insurance. While this may seem like a bonus, it is recommended that you speak with one of our agents at Heydari Financial Group about the downside of not having coverage.

Downside of Not Having Insurance on Your Home in Houston, TX

When you have homeowner’s insurance, you can rest easy knowing your home and assets are protected. Policies in Texas typically include coverage for the building, personal property, living expenses, if necessary, personal liability, and medical payments.

If you opt not to have insurance, all out-of-pocket expenses are your responsibility, which can be a hard hit on your finances and financial security. Without insurance, you are responsible for the following.

Severe weather can occur at any time, and when it does, it can leave behind extensive and expensive damage. The same is true if your home experiences a fire.
Whenever someone visits your property, there is always a chance of an unexpected accident that injures the visitor. Without liability insurance, any legal fees and medical costs will be your responsibility to pay.
Your home has a variety of personal items, from clothing to electronics. Insurance helps to pay for the replacement of items that are stolen or items that have been damaged or ruined due to an event, such as a storm or fire.

Contact Us

Other insurance coverage is available that you may want to consider, such as liability-only, windstorm, and umbrella. Call us at Heydari Financial Group to discuss these options.