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Florida Insurance Blog

I’ve Paid Off My Property: Do I Still Need Home Insurance?

Excellent! There are few better rewards in life than owning your home outright. Once you’ve made the last mortgage payment, you’re free and clear! But even if you don’t have a mortgage, that doesn’t mean you don’t need home insurance. Hall Insurance in Panama City Beach, FL can help you navigate this important insurance coverage. 

Why You Need Home Insurance

Protect Your Valuables

Your home contains your life’s possessions – everything from furniture and electronics to clothing and family heirlooms. Even if you don’t have a mortgage, your belongings are still at risk from theft, vandalism, and natural disasters. Home insurance can help you replace your valuables if they’re ever lost, stolen, or damaged.

Liability Protection

Homeowner’s insurance also provides liability protection in case an injury occurs on your property. If a visitor is injured and sues, your home insurance policy can help cover the costs of a lawyer, any damages they may order you to pay, and more. Your Hall Insurance agent can help you determine how much liability protection you need.

Peace of Mind

Home insurance isn’t just about protecting your property – it’s also about peace of mind. Knowing you’re covered can help you relax and enjoy your home, even if something goes wrong.

So even though you don’t have a mortgage, home insurance is still a good idea. It can help you protect your belongings and give you peace of mind in an accident. Be sure to shop around and compare rates to find the best policy for you.

Give Us A Call

If you don’t have the time to find the best coverage, consider an independent insurance agent like Hall Insurance in Panama City Beach, FL. We work with several home insurance carriers and can help you find the right policy at the best price. Call us today.

Types of homeowners insurance

Amidst your excitement of moving to Panama City Beach, FL, Hall Insurance wants you to remember that whether you buy or rent, you’ll need home insurance. Home insurance refers to all types of insurance that covers any kind of home – single-family homes, new homes, historic homes, condos, mobile or manufactured homes, and rented homes. There’s even a specific type of home insurance for a landlord who owns the rental home. 

Types of homeowners insurance

This quick guide provides you with an at-a-glance method of determining which home insurance policy type you need. The HO in the name stands for “home.”

HO-1: the essential single-family home policy that covers ten named perils, commonly called dwelling insurance,

HO-2: a single-family home policy that covers added perils,

HO-3: the most commonly purchased single-family home policy covering 16 named perils,

HO-4: a home policy covering the personal property and liability of renters,

HO-5: a comprehensive single-family home policy that covers all named perils,

HO-6: a home policy for condos that covers named perils, personal property damage, and liability from the walls-in,

HO-7: a home policy for mobile, manufactured, or RV homes,

HO-8: historic home policy, also available for architecturally significant homes that provides named peril, personal property, and liability coverage.

Landlords frequently choose HO-1 or HO-2, but if they rent out a condo, they would purchase HO-6. The person who rents their home would purchase HO-4.

If you buy an older home, such as a house nearing the 100-year qualification for designation as a historic home, you’d choose HO-8. You’d also choose HO-8 if you purchased a home a famous architect designed, such as a Frank Lloyd Wright home.

Wherever in Panama City Beach, FL, you’ve settled, call Hall Insurance to learn more about covering your new abode. Let us help you protect your financial investment.


How Home Insurance Protects You

When you have home insurance, you get a number of important protections for your home. With home insurance, you can get through disasters and other occurrences without going into financial ruin. When you need home insurance, call us at Hall Insurance in Panama City Beach, FL today to talk to an agent about this important insurance coverage. 

Coverage for the House

When something serious happens to your home, you could end up having to pay tens of thousands, or more, to pay for the repairs. Most people can’t afford major repairs like that or even have to pay to rebuild the entire house. Your home insurance will pay for these repairs, and rebuilding if it’s needed, without you having to pay for it all yourself. This coverage is important to every homeowner, and it’s something you certainly need to have. 

Protection for Your Household Items

Home insurance also protects your personal possessions that are in the house. Your home policy gives you coverage for all of your belongings that are inside your home. This is important because it can be extremely expensive to replace a whole roomful of items, much less an entire house full of them. This coverage is needed to keep you able to get your items replaced or repaired, as needed after a serious incident. It may be a disaster, an accident or some other type of incident, and you need to be covered. 

Liability Coverage

Another form of protection is coverage against liability. If there is a third party who has an accident on your property, your home insurance would pay for the bills that result from it. It protects you from lawsuits as well as high medical bills. 

Get Home Insurance

To find out more about home insurance and to get a policy of your own, call us at Hall Insurance in Panama City Beach, FL.


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