|
 Can I Own a Home Without Homeowners Insurance?
Unlike driving a car, you can legally own a home without homeowners insurance. But, if you have bought your home and financed the purchase with a mortgage, your lender will most likely require you to get homeowners insurance coverage. That’s because lenders need to protect their investment in your home in case your house burns down or is badly damaged by a storm, tornado or other disaster.
If you live in an area that is likely to flood, the bank will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to earthquakes. If you buy a co-op or condominium, your board will probably require you to buy homeowners insurance.
After your mortgage is paid off, no one will force you to buy homeowners insurance. But it is not advisable to cancel your policy and risk losing what you’ve invested in your home.
Content Provided Courtesy of Insurance Information Institute located on the web at www.iii.org.
Getting homeowners insurance has never been easier. Just type in your zip code below then fill out our short questionnaire powered by HometownQuotes to get your free, no obligation rate quote. After you've submitted your information, you will be contacted with quotes from the nation's leading insurance providers within 1 business day. Don't put off your family's future for another day.
Homeowners Insurance Frequently Asked Questions
|
You all helped me save more than $600 on my insurance and found a much better policy as well.