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| *Loan,banking and credit>>>house insurance |
Is there any legal requirement to have home insurance for your house? |
Is there any legal requirement to have home insurance for your house? It is not a law per say. However the lender who holds the lien on your house may require that you carry insurance. If you currently obtained your loan the Truth & Lending Doc will have a box marked to indicate if the insurance is in fact manditory. Source(s): Loan Processor That really depends on where you live...and whether or not you have a mortgage or own your house outright. I am not sure, but i think no. But to be sure, check out this site. It will give you details on home insurance. http://articles.directorym.com/home_insu... http://articles.directorym.com/home_insu... No. But, if you have a mortgage, the bank will require you to carry insurance. If you do not, the bank will buy insurance then charge the premiums back to you. The above answer is correct in indicating that it is not a law. HOWEVER, if you have a mortgage your lender will require coverage, and if you are in a High Risk Flood Zone it is MANDATORY that your lender require you to carry Flood Insurance. Also, even if you own your home outright I would recommend that you carry insurance on your home. For most people their home is their biggest investment, you'd hate to lose it due to an unforeseen event! Fire, Flood, Hurricane, Water Damage etc... |
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