- 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.
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Farmers may also provide information on topics that are not directly about insurance policies or coverage that we believe could be helpful to you. Information in such articles is not meant as professional advice, and any reliance you place on such information is therefore strictly at your own risk.
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