Paying off your mortgage is a milestone that can take decades to reach. Once you’re free from the burden of monthly mortgage payments, you will still have to cover some home-related expenses.
Your mortgage lender requires you to have homeowners insurance. Even though you don’t have to keep your coverage once you’ve paid off your mortgage, it’s a good idea to maintain a homeowners insurance policy. It will protect you if your house gets damaged or destroyed by a covered peril, if you’re a victim of theft or vandalism, or if someone gets injured on your property.
