Truthfully speaking, you can own a home without having homeowners insurance, but will that be a wise thing to do is the question. It is legal to own a home without having homeowners insurance. Those that have a financial stake in your property, such as a mortgage or a home equity loan, will almost always demand it to be insured. You’ll also want to make sure your house has enough homeowners coverage for your own financial security. Home purchasers who want to finance their purchase will quickly discover what those who already have a mortgage already know: your bank or mortgage company will almost certainly need you to obtain homeowners insurance. Because lenders need to preserve their investment. If your home burns down or is severely damaged by a storm, tornado, or other natural disaster, homeowners insurance protects you. If you live in an area that is likely to flood, the bank or mortgage company will also require you to purchase flood insurance. Some financial institutions may also require earthquake coverage if you live in a region vulnerable to seismic activity. You are purchasing a financial share in a larger entity when you purchase a co-op or condominium. As a result, your co-op or condo board will almost certainly need you to purchase homeowners insurance in order to safeguard the entire complex financially in the case of a disaster or accident. Your home may well be your largest asset and a standard homeowners policy not only insures the structure; it also covers your belongings in case of a disaster and offers liability protection in the event of an injury or property damage lawsuit.
It’s advisable to guard against financial risk and always keep a homeowners policy in force. Our company offers homeowner insurance here at the Insurance Corner of McCormick. We can help insure you to cover your home for all it really needs.
Contact us: 864-466-9933
