Why Do I Need Home Insurance If I No Longer Have a Mortgage?

When you had a mortgage on your home, protecting it with home insurance probably seemed like a good idea…it may have even been required by your lender.  Now that you have paid it off, it may be tempting to let that coverage go.  But consider what you would do if something happened that damaged or destroyed your home.  Home insurance policies protect you financially in many ways.  Leaving yourself vulnerable without coverage can mean financial ruin should a disaster occur.  The team at Paragon Independent Insurance Agency work with homeowners in the Plano, TX area.  They understand your concerns and will work to get you quality coverage for the best price. 

Home insurance protects the home, structures on the property and personal possessions.  If someone is injured on the property, the liability policy provides protection.  Most policies cover a wide range of events such as fire, weather, and theft.  Your agent can help you understand what is covered and what isn’t.  For instance, water damage from faulty plumbing might be covered while water damage from a flood won’t be. 

Home policies cover personal items such as clothing, furniture, electronics, and jewelry.  It will also cover plants on the property with a few exceptions.  If you have highly valuable collections such as firearms, jewelry or artwork, you need to talk with your agent to ensure that you are covered.  Also, if after a disaster, the house is uninhabitable, the policy will pay for your additional expenses (hotel, restaurants) until repairs are made.  The team at Paragon Independent Insurance Agency know the issues that homeowners in the Plano, TX area face.  Don’t risk the investment you’ve made in your home, visit their website then call or come in today!

Time to Upgrade Auto Insurance

Many people benefit from getting an auto insurance review, which is an easy way to make sure their insurance is adequate. It is important to inform your agent at Paragon Independent Insurance Agency, serving Plano, TX and the surrounding area, if certain things occur, so that the proper adjustments may be made to your auto insurance policy.

Auto Insurance Review Checklist

Here is a quick checklist of some things that warrant a review and may require auto insurance adjustments:

  • Moving to a new place.
  • Changing how a vehicle is parked (in a garage vs. outdoor, in the driveway, or on the street).
  • Changes in authorized drivers, such as a teenager in the family starting to drive.
  • Custom work is done on the vehicle that increases the value.
  • A trailer hitch is added to the bumper to pull a trailer (get trailer insurance coverage also).
  • Getting a new paint job.
  • Adding expensive chrome wheels.
  • Installing a car stereo and speakers.
  • Adding a car alarm and/or an anti-theft device.
  • Using a vehicle for a new purpose, such as a carpool, ride-sharing, or delivery services.
  • Driving more than the mileage driven the year before.
  • Changing commute time and distance, due to a change in employment.
  • Letting another person use the car for more than occasional casual use.
  • Change of the lien holder for the auto loan.
  • Getting married.
  • Selling the vehicle.
  • The vehicle is taken out of service temporarily or permanently. For example, going on a military tour overseas and leaving a vehicle behind in storage.

Summary

This checklist includes some of the most common things that happen, which usually create the need for auto insurance adjustments. It is wise to have an annual auto insurance review by talking with your agent. Additionally, make adjustments on a regular basis for the value of the vehicle and how it is being driven, parked, and used.

Contact your agent at Paragon Independent Insurance Agency in Plano, TX by email or by using the convenient online form to get a quote for auto insurance.