When you have a mortgage on your home, your lender makes sure that you carry insurance on the property. The bank has a vested interest in making sure that if anything happens, it can recover from the loss. If you are lucky enough to pay off your South Kingstown, RI home entirely, you may be wondering if it is worth it to continue to carry the same level of coverage as before. At Capalbo Insurance Group LLC, we will help you look at your risks and options so you can make an informed decision.
Rhode Island does not require you to carry homeowners insurance by law. However, if you decide not to carry insurance, you are assuming the risks yourself. If you suffer any losses, you will have to pay for them out of your own pocket.
Typically, your homeowners’ policy covers:
- dwelling coverage, which protects your house in case of fire or other events;
- coverage for the other structures on your property, such as a garage or yard barn;
- protection for all the items that make your house a home, such as furniture, carpeting, curtains, and large and small appliances;
- electronics, such as TVs, stereo systems, computers, and even cell phones; and
- personal items, such as clothing, books, and jewelry.
Your South Kingstown, RI homeowners insurance also offers liability protection in case someone is injured on your property. That includes potential medical bills and even legal representation if there is a claim. Also, if you are temporarily without a home while waiting for repairs or rebuilding, your insurance will help pay for temporary housing and food.
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Don’t make any snap decisions without speaking to Capalbo Insurance Group LLC. We will help you find a policy that only covers what you need.