Homeowners insurance protects the lender's collateral, so any mortgage will require it for the life of the loan. Even without a mortgage, going uninsured exposes you to a total loss with no financial recovery — fire, wind, theft, and liability claims can run into the hundreds of thousands of dollars.
Understanding the Basics
Is homeowners insurance required by law?
By Roni Rivers, Licensed Insurance AdvisorReviewed
No state legally requires homeowners insurance, but every mortgage lender does. If you own your home outright, it is optional but strongly recommended.
Coverage & Cost Details
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