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Unlike the situation with car insurance, you aren't legally required to own a home insurance policy to live in your house. But, in case you've used a mortgage to finance the purchase of your house the lender will most likely require you to purchase a home insurance policy. The lenders thus protect their investments from the impact of damage your home may face during natural disasters or other unforeseen events.

In case you purchase a home in an area with a high risk of flood or earthquake, the lender is likely to require the respectful type of coverage to be included in your home insurance policy. When you buy a co-op or condo, you are most likely to be required to purchase a home insurance policy by the board.

When you have paid off your mortgage you are no longer legally required to have a home insurance plan. But it is recommended that you don't cancel your policy, because not having coverage in an exceptional case will cost you too much.

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Posted 7:55 PM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Reliable Insurance Managers, Inc. to provide information that may be of interest. Reliable Insurance Managers, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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