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- 05/16/2025
Why do I need homeowner's coverage?
Your home insurance shouldn't stop when your mortgage does
homeowners insurance covers more than you think
Peggy Claytor
I recently had someone ask a question that left me with a blank look on my face. The question was “Why do I need to carry Homeowners coverage if my home is paid for?”
At first, I thought they were joking. Unfortunately, I realized it was a serious question. I waited a second before answering to get my thoughts together then I started asking questions.
If a storm came through and destroyed your home, would you just go to the bank and borrow to rebuild? With what collateral? Maybe you have enough in savings to rebuild or purchase a new home? Do you have enough to replace all your personal property too? Do you have enough money saved to pay for a place to stay while you are rebuilding?
Here’s something else to think about. How are you going to pay those doctors and or lawyer bills if a friend comes over and gets hurt on your property? Don’t think just because it’s a friend, they would never sue. What if the neighbor’s kid is swimming in your pool or climbing your trees and an accident happens? Would you be ready to sell your home or spend your life savings to pay those costs?
After a few of my questions, they were looking at me with a blank look on their face. Their next question was “What information do you need to provide homeowners coverage for me?”
Homeowner’s coverage is needed whether you have a mortgage or not. Springer Insurance is here to help with your questions too. Give us a call. 804-739-9500.
Peggy has been the Branch Manager in our Keysville location since 2001. She has lived in the area most of her life and has watched it grow. She is an expert in insurance exposures for South Side Virginia including Auto, Home, Farm, Mobile home, and Life. Peggy is very knowledgeable and dedicated to providing the best coverage and service to our clients.
In her spare time she enjoys camping, going to baseball games, socializing with friends and family, as well as spending time with her grandchildren. She also loves volunteering in the community whereas she is an active member of The Barksdale Cancer Foundation.
