Call Us (865) 966-2111 ☰ ˟
Logo
Call Us (865) 966-2111
  • Home
  • Our Agency
    • AboutImage of right arrow
      • Our Team
      • Refer a Friend
      • Discount Programs
      • Switching Insurance Companies
      • Privacy Policy
    • Our LocationsImage of right arrow
      • Knoxville
      • Dayton
      • Madisonville
      • Kingston
    • Get A Quote
    • Testimonials
    • Our Providers
  • Get a Quote
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • General Liability Quote Form
    • Classic Car Insurance
    • RV & Travel Trailer Insurance Quote
    • Watercraft Insurance Quote
    • Renters Insurance Quote
    • Workers Compensation Insurance Quote
  • All Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection (PIP)
      • Rental Reimbursement
      • Uninsured/Underinsured Motorist Coverage
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Scheduled Property Insurance
      • Renters Insurance
    • Farm InsuranceImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
    • Life InsuranceImage of right arrow
      • Disability Insurance
      • Group Life Insurance
      • Individual Life Insurance
      • Long-Term Care Insurance
      • Second-to-Die Policy
    • Personal Umbrella Insurance
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Coverage For Your BusinessImage of right arrow
      • Surety & Fidelity Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Extortion Insurance
      • Fidelity Bonds
      • Leave Management
      • Inland Marine Insurance
      • Loss Control Insurance
      • Kidnapping Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability Coverage
      • Ransom Insurance
      • Shipping Insurance
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking
      • Workers Compensation
      • Van Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Liquor Liability Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Orthotics & Prosthetics Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Retail Insurance
      • Scrap Metal Insurance
      • Security Guards Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Cover for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
  • Carriers
  • Payment / Claims
  • Leave Us a Review
    • Knoxville, TN
    • Dayton, TN
    • Madisonville, TN
    • Kingston, TN
  • Contact
Home > Blog > Why It's More Expensive Not To Have Home Owners Insurance
MONDAY, DECEMBER 5, 2022

Why It's More Expensive Not To Have Home Owners Insurance

For most people, home insurance is necessary. As long as you have a mortgage, your lender will likely require insurance. Insurance helps a lender to mitigate the risk they take on by lending you the money. 

Insurance for an Owned Home toy house cupped in person's hands
What about after you've paid the home off, or if you've paid cash? As long as you're living in a home, as a renter or owner, you should have the type of insurance that meets your needs.  

Unless you have unlimited money, you're probably not comfortable having an uninsured home. It would also not be financially prudent for you to do so. 

The good news is that once you completely own your home, you often have a lot more leeway with your home insurance. You might be able to adjust your coverage to meet your needs. You won't have to worry about meeting any requirements of the lender. 

Insuring a Rental Home in Every Scenario 
But what about if you have a gap in home ownership? You take a new job across the country. You sell your current home and decide to rent for a few years while you decide if this is where you want to stay.  

You find a lovely rental but decide not to get renters insurance on it. You're young and single, with few possessions. The money you save on insurance will help speed along your savings for a down payment. So why not assume the risk that you don't need it? 

As a renter, you're items are almost never covered by your landlords home owners policy. This could spell financial trouble. 

You might feel that your belongings aren't very valuable. But what happens when the basement apartment you're living in floods due to heavy rain? Buying a new wardrobe, kitchen items, television and computer, furniture and bedding will set you back. This only gets worse if you have a partner or kids who also have items in the home. 

Second, when you do go to buy coverage in the future, there will be a gap in your history of having it. This might be an immediate red flag to the insurance company. Your premiums might be higher because they feel your behavior, not having home insurance coverage, is indicative of you being a higher risk. 

So unless you have a net worth in the millions, it's never a good idea to not have home owners issuance. Insurance shouldn't be an option. It's protection for when life throws you the unexpected. It's something that you hope that you never need it, but when you do need it, you'll be so glad that it is there for you. 

We've got you covered. Call The Mike Dyer Agency at 865-966-2111 to learn more about our home insurance options. One of our agents can help you get a policy quote for free right now. 

Posted 10:33 AM

Tags: home insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • insurance(6)
  • auto insurance(5)
  • renters insurance(5)
  • bop(4)
  • rv insurance(4)
  • coverage(4)
  • life(3)
  • general liability insurance(3)
  • business(3)
  • premiums(3)
  • farm insurance(3)
  • home insurance(3)
  • costs(3)
  • classic car insurance(3)
  • trucking insurance(3)
  • life insurance(2)
  • commercial(2)
  • policy(2)
  • powersports insurance(2)
  • liability(1)
  • workers compensation(1)
  • general(1)
  • recreational insurance(1)
  • workplace safety(1)
  • owners(1)
  • workers compensation insurance(1)
  • business owners policy(1)
  • boat insurance(1)
  • business insurance(1)

View Mobile Version

Contact Us Today!
(865) 966-2111

Social

Resources

  • Get a Quote
  • Payment / Claims
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us
  • Leave a Review

Contact Us

11020 Kingston Pike, Ste 320
Knoxville, TN 37934

Phone: (865) 966-2111 | info@mikedyerinsuranceagency.com

1158 Market Street
Dayton, TN 37321

Phone: (423) 775-3011

144 Warren Street
Madisonville, TN 37354

Phone: (423) 442-2111

508 N Kenutcky Street
Kingston, TN 37763

Phone: (865) 376-4507

© Copyright. All rights reserved. | Powered by Insurance Website Builder