Insurance Services of Washington Blog
Home insurance is a significant investment you can make into your property. Not only that it keeps your house safe for your family, but also it’s required by the lender if you consider a mortgage loan. For some homeowners, there are still some questions that remain after paying off their home loan, and this article will answer these:
Dropping Coverage of Older Home is Not a Practical Move
After paying off their home loan, some homeowners are considering to stop their home insurance since there’s no obligation to keep it. One significant factor that pushes them to do it is if they can no longer afford to pay the monthly or yearly premium costs. But, stopping your home insurance too early is not a practical move. Think of what you’ll face when something happens to your house. Are you equipped to deal with all the dangers and liability threats that can happen to your older home?
Older Homes are Riskier to Fires
Fires can occur to all homes — new and old houses. As your house ages, the risk of damage from the fire gets higher. In an older house, most of its sections deteriorate due to many factors. For instance, an old electrical system can become a significant concern when not appropriately fixed. Imagine this —a single fire can cause damage to your life that can break the bank.
Liability Risks Lurking in Older Homes
Liability threats do not change as a home gets older. In fact, due to old age, some of its surfaces become uneven that can lead to trips, slips, and falls, causing an injury to your visitors. When this happens, and if you don’t have coverage, you’ll shoulder the medical expenses out of your pocket.
Older homes need maintenance and repairs. For example, if the stairs are broken, you need to hire someone to fix it immediately to ensure the safety of your little children. But, contractors can get bodily injury too while fixing your old house. When this happens, you can be held liable for the costs.
One More Thing Before You Go
Your older home needs protection to keep it safe from the things around it that can cause damage. Get the basic home insurance plan from a reliable insurance provider for your convenience.
At Insurance Services of Washington Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 868-1123. Get your free quote today by CLICKING HERE.