Buying a home is an exciting milestone that comes with a slew of less than thrilling responsibilities. Between maintenance costs, property taxes and possible HOA fees, you might wonder if your home insurance policy is a required expense or one you can forgo. Bankrate’s team of licensed insurance experts aims to help you make sense of homeowners insurance — is it legally required or simply a good idea to have in the event of a catastrophe?
Homeowners insurance is not required by state or federal law. This is different from auto insurance, where most states have minimum requirements for how much coverage you need before you can hit the road. However, if you have a mortgage, your lender will most likely require you to carry homeowners insurance to protect the financial interest it has in your home.
Is Homeowners Insurance Required?
