- You’re not required by law to have home insurance, but banks do require it as a condition of your mortgage.
- Home insurance can help you protect yourself from enormous financial loss.
- Liability coverage in your policy can also help you cover the cost of bodily injury to others or damage to their property.
Home insurance isn’t required by law, but there are other reasons to insure your home. If you have a mortgage, your lender will likely require you to have insurance until the loan is paid off. In fact, lenders can require borrowers to carry enough insurance to cover the value of the home. In addition, going without insurance puts you at risk for life-altering financial loss. If your home and everything in it is destroyed, could you afford to start over from scratch?
Home insurance policies also provide liability coverage in case someone in your household is responsible for bodily injury to others or damage to their property. Liability coverage helps you protect your personal assets from costly lawsuits and can be increased as your assets grow.
Learn more about coverage options, discounts and the average cost of home insurance in your state.
The information contained in this page is provided for general informational purposes only. The information is provided by Farmers® and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to this article or the information, products, services or related graphics, if any, contained in this article for any purpose. The information is not meant as professional or expert advice, and any reliance you place on such information is therefore strictly at your own risk.
Related articles
