2006-10-25 08:21:28 · 12 answers · asked by trinam04 1 in Business & Finance ➔ Renting & Real Estate
You don't have to have homeowners insurance to own a home. Now if you have a morgage on your home they may request for you to have a home owners policy or a dwelling policy. In that case if you don't get your own they may add it to your account and have it escrowed. The difference between these two policies is that a homeowners will cover you for the structure of the home, for theft and liability. A dwelling policy will only cover the structure of the home in case of a fire.
2006-10-25 09:21:01 · answer #1 · answered by jennyvee413 2 · 0⤊ 0⤋
Yes, you can own two policies. No, you won't get paid twice. The two policies would "share" the loss - in effect, you can't get more than the most generous policy would pay. So it's kind of pointless. You're much better off endorsing your current policy, and making sure the limits are up to date. And, btw, the most ANY policy will pay, on the building, is the cost to rebuild. So if you have a $100,000 house and you insure it for $1,000,000, and it burns to the ground, the insurance company will pay the cost to rebuild that old house. Not the new and improved with 1,000 extra square foot house. Homeowners policies DO include losses outside the building. But whatever it is you have in mind, you have to discuss it with your agent, to be sure its covered under your policy.
2016-05-22 13:21:58 · answer #2 · answered by Kimberly 4 · 0⤊ 0⤋
You do not NEED home insurance to own a home. But if the home is financed the mortgage company will require home insurance and will most likely put the payment right in with your mortagge payment.
2006-10-25 09:14:59 · answer #3 · answered by mikeyc06010 2 · 0⤊ 0⤋
I suppose no would be a technically correct answer as there is no law requiring you to have HO insurance that I know of. Having said that I must point out that any lender loaning money to buy a home will require HO insurance to protect their interest.
You need also to be aware that HOs policies do not cover flood so you may also be required to purchase a separate flood policy.
2006-10-25 08:32:29 · answer #4 · answered by barrettins 3 · 0⤊ 0⤋
No you don't have to, but it's not wise to not have it. What if you have a fire or lightening hits the house. Worse yet, what if someone gets hurt on your property and you don't have insurance to pay. You would be personally responsible. I will say, you do have to have insurance if you have a loan on your property, your lender will require it and enforce you having it.
2006-10-25 08:26:06 · answer #5 · answered by Kathleen M 4 · 0⤊ 0⤋
Only if you have a mortgage on the home. Lenders require that you have homeowners insurance to cover their loan amount.
2006-10-25 08:57:59 · answer #6 · answered by Justin 3 · 0⤊ 0⤋
Hello,
The only reason you would have to include PMI is if you have a mortage on it and do not own it 100% now if you do have a mortage you are only required to have PMI until you pay off 20% of the loan.
(Private Mortage Insurance)
2006-10-25 08:53:30 · answer #7 · answered by crocadilen 2 · 0⤊ 0⤋
No.
But you need insurance to get a mortgage.
Unless you're a cash buyer, no mortgage, no house.
2006-10-25 16:39:34 · answer #8 · answered by HMMMMMM 3 · 0⤊ 0⤋
Not if you own it, but if you have a mortgage then yes because the mortgage company requires it.
2006-10-25 08:23:19 · answer #9 · answered by elaeblue 7 · 0⤊ 0⤋
Only if you have it financed. If you don't have a mortgage you don't have to have insurance. But why wouldn't you?
2006-10-25 10:08:51 · answer #10 · answered by Karen R 3 · 0⤊ 0⤋