Am I legally required to have home insurance?

I'd rather not pay for home insurance if I don't have to. Is it required by law?

Answer
Home insurance is not required by any state or federal law. When you get a loan from a bank to buy a home, the lender will require you to have home insurance that covers the mortgage, at the bare minimum. The bank wants to make sure that they will get their money back if the home is destroyed before you finish making payments on it.
If you are fortunate enough to have paid off your mortgage, you are no longer required to have home insurance because you do not owe the bank any money. Even so, it is still a very wise purchase because home insurance ensures that your investment is protected.
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Jackie Whalen
Answered on Mar 01, 2021
Jackie Whalen has been in the insurance industry for over 7 years, working in sales, service and claims. She has won numerous awards as a top salesperson and customer service agent. She currently lives in New York with her husband. Her 24 year old son recently moved out on his own which has given her more time to travel, write and train her dog Maisy not to chase her cat, Whiskey.
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