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?

Answer

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?.

Alexah Grinnell

Answered on Mar 01, 2021

Alexah Grinnell has been working in the insurance industry for 5 years with a primary focus of coverage consulting in the sales department. She has been working for Jerry Insurance since July of 2019 and has also has experience working for AAA and State Farm. She currently lives in Rochester, NY with her husband and 3 kids

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