Is home insurance mandatory if you have a mortgage?
Me and my girlfriend need a mortgage to buy a townhouse. Does this mean we'll also need insurance?
Thanks for your question! Yes, when you have a mortgage on your residence, you are required to carry homeowners insurance to make sure your home will be repaired or rebuilt in the event of a loss. Your mortgage lender wants to protect their investment in your property.
To learn more about this topic, check out this article: Can You Get a Mortgage without Homeowners Insurance?.
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