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What happens if you don't have home insurance?
I’m about to buy a home for the first time. I have a lot saved, and I’m trying to borrow as little as possible while also saving money in the long run. Part of that is whether or not I’m going to get insurance. What would happen if I didn’t have home insurance?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
What an exciting next step for you! As a condition of a home loan, most mortgage lenders will require you to have home insurance. It’s also likely they’ll require specific kinds of coverage to be included in your policy. For their purposes, until your mortgage is paid off, your investment is also your lender’s investment, so they want to ensure it’s protected. Failing to carry home insurance puts your house at risk and also puts you at risk of fines.
Of course, if you don’t need a lender, no one is forcing you to purchase
home insurance
. That said, buying a home is also your investment, arguably one of the biggest ones you’ll make in life. Going without home insurance is a risk. What exactly homeowners insurance covers varies from policy to policy, but standard coverage generally includes:
- Protection of your home itself
- Other structures on your property
- Personal belongings
- Loss of use costs (like if you needed to temporarily stay in a hotel or rent a place after damage to your home)
- Personal liability
If an insurance policy will cover these expenses for you, why not let it? One could argue that in the long run, insurance is what will save you money. It’s not worth it to lose your home because of costs an insurance policy could’ve taken care of for you.
If you need further convincing that
good, affordable policies
are out there, feel free to give the Jerry
app a try. It only takes about a minute to answer a few questions, and then you can review quotes from top insurance companies to find the right policy for you at the lowest price. If you have questions, Jerry’s experienced agents are here to listen and offer advice.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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