Do I Really Need To Purchase Homeowners Insurance?

By law, you do not have to purchase homeowners insurance, but in some cases, you may not have much of a choice. Homeowners insurance is not like auto insurance where there is usually a legal requirement for a driver to have insurance. If you do not completely own your home, you will likely need to purchase a homeowners insurance policy.

If you are in a condominium or coop, part of your home's structure is owned by your association. They may require you to have homeowners insurance.

If you have a loan to pay for your home, your lender will want to protect its interest so you will be required to have homeowners insurance.

If you want to shop around for homeowners insurance but don't have the time, try an online insurance comparison site to get multiple quotes from homeowners insurance companies near you with very little effort. The online form on our website can help you do just that.

Sources

1. Can I own a home without homeowners insurance? Retrieved May 13, 2008, from http://www.iii.org/individuals/homei/hbasics/caniown/