Category: Home Insurance

Paying off your mortgage is a major financial milestone. Without a lender requiring home insurance, you might be tempted to drop your policy to save money. However, canceling coverage can leave you vulnerable to risks that far outweigh the cost of maintaining protection. As your insurance agent at F.I.R.E. Leaders Financial, serving Eagan, MN, explains, your home is still at risk.

Your Home Is Still at Risk

Just because the mortgage is paid off doesn’t mean the risks disappear. Fire, hail, windstorms, or even a burst pipe can cause thousands of dollars in damage, sometimes more than the home is worth. In Minnesota, where the weather can be unpredictable year-round, staying insured protects your house against losses that could quickly become unaffordable out of pocket.

Liability Coverage Still Matters

Home insurance does more than protect the building; it also covers liability if someone gets injured on your property. For example, if a visitor slips on an icy walkway or your dog bites a guest, you could be held personally responsible. Without insurance, legal and medical costs would come directly from your savings or assets.

Rebuilding Costs Can Be Significant

If you ever need to rebuild after a disaster, the cost of construction materials and labor in Minnesota can be substantial. Home insurance helps cover rebuilding expenses, including temporary living arrangements if your house becomes uninhabitable. Without that financial support, recovery could take years, or it may never happen at all.

Even without a mortgage company requiring it, home insurance provides long-term protection and peace of mind. As a homeowner, your property is likely one of your most valuable assets. Keeping it insured ensures you’re not left to face major setbacks on your own. Review your policy with F.I.R.E. Leaders Financial, serving Eagan, MN, periodically to adjust for current home values and ensure your coverage continues to meet your needs.

When a covered event damages your home, such as a fire, burglary, or another type of disaster, filing an insurance claim can help you recover.

The professionals at F.I.R.E. Leaders Financial servicing Eagan, MN can help. We can answer your questions about filing a home insurance claim. We can also help you determine the steps of the process to make filing an insurance claim less stressful and more successful. Here’s what you need to know.

Start by Contacting Your Insurance Agent

Kick off the insurance claim process by contacting your insurance agent. The insurance claims process varies from one insurance company to the next, but your insurance agent will know who to contact and what steps to take to start the claims process.

Contact your insurance agent as soon as possible before beginning the cleanup and recovery. If you must begin cleaning up your home first, take pictures to show its state before work begins.

You May Need to File Paperwork

You may need to file paperwork to start the insurance claims process. If you have to file a police report due to your claim (e.g., if it’s vandalism or burglary), file the paperwork with the police first.

You May be Asked To Keep Your Receipts

You may be asked to keep receipts while you’re doing repairs to your home. Keep your receipts in a safe location where you can access them if needed. Label your receipts, and be sure they have dates on them. Ask your insurance agency how they’d prefer that you turn in the receipts to them, then give the insurance agency in their preferred format.

Do you have more questions about how to file an insurance claim? Contact F.I.R.E. Leaders Financial servicing Eagan, MN.