I have had several clients who have paid off their mortgage or paid cash for their home and did not carry homeowners insurance. This can be very risky. Just take a look as this photo, these Houston real estate owners let their insurance lapse and now their partially burned home is sitting vacant and has become a neighborhood eyesore.
Some investors prefer not to have the yearly cost of property insurance and will self insure. Some Houston real estate owners will fail to renew their policies due to the rising cost of property insurance. Cash buyers will want to save on upfront costs of buying a home and decide not to purchase property insurance. There are many reasons Houston real estate buyers can have for not having homeowners insurance. However, one look at the photo of this fire damaged home should make you think twice. You can find the names of several professional insurance agents in our Business Directory who can help homeowners find an affordable homeowners insurance policy.