If I own a house, am I required to buy homeowner's insurance?

Text Size:

Home

Law Advice

Insurance Advice

Home > Law Advice > Property Insurance > Homeowners Insurance

Property Insurance
	All States		Legal Forms

If I own a house, am I required to buy homeowner's insurance?

Unlike automobile insurance, there usually is no law that requires a homeowner to have insurance. However, if you borrow money to buy a house, the bank or loan company will take a "mortgage" or "deed of trust" to protect its interest until the loan is repaid. The mortgage or deed of trust will require that you have an adequate amount of insurance to cover the repair or rebuilding of the house in the event it is damaged. Normally you will be required to name the mortgage company as a "loss payee" on your policy, which means that if the house is damaged, the insurance payment will go to the loan company, or jointly to both you and the loan company, to assure that the money is used to rebuild or repair the house or, if you choose not to rebuild, to pay off the loan.

Next FAQ
Related FAQs

Related FAQs

What happens if I injured myself at my friend's house?

Are there legal limitations on insurance company business practices?

Are there any limitations on what an insurance company can charge for insurance?

Can an insurance company cancel my policy for any reason it chooses?

Can I cancel my policy at any time and will there be a penalty?

What happens when there is a claim?

If I am sued, does my insurance company defend me in court?

If I am sued, can my insurance company settle the case without my consent?

What is a ‘reservation of rights’ letter?

What can I do when an insurance company refuses to pay a claim?

Lawsuit for ‘bad faith’

Are there any options for resolving a dispute with my insurance company other than suing the company in court?Arbitration

Complaint to department of insurance

What are ‘exclusions’ and ‘limitations’ and how do they affect my coverage?

Are there any government agencies that regulate how insurance companies operate?

What is an insurance policy?

What is an ‘insurable interest’?

What is the ‘duty to mitigate damages?’

What kinds of insurance should I buy for my commercial building?

What am I required to do when I have a claim?

Can an insurance company refuse to sell me insurance for any reason it chooses?

What coverage do I get from a homeowners’ policy?

If I own a house, am I required to buy homeowner's insurance?

If I do not own property, but only rent a house or apartment, do I still have a need for insurance?

If I miss a premium payment and get a cancellation notice, is there anything I can do to be able to keep the policy?

If I think certain words in my policy mean something different from what my insurance company says they mean, how do we resolve it?

Arbitration

How does an insurance policy ‘protect’ me?

Should I have insurance on the building?

Related Information
» General Property Insurance Questions	» Purpose
» Exclusions and limitations	» Government regulation
» Homeowners	» Rental
» Rates and ratings	» Cancellation
» Claims	» Dispute resolution
» Suit	» Title/mortgage insurance
» Commercial buildings	» Hurricane Insurance Articles

Topics Related To Property Insurance
» Insurance Law	» Auto Insurance	» Business Insurance
» Long Term Care	» Disability Insurance	» Health Insurance
» Insurers Bad Faith	» Life Insurance Law	» Property Insurance
» Viaticals

Find an Attorney

Topic

Attorney Pages

Find recommended lawyers by state and city.

AttorneyPages.com

» Ask a question in our legal forum

» Download do-it-yourself legal forms

» Search our legal resource directory

» Find an attorney in your area

» Let us find a lawyer for you

Resource Links

Free Case Review
Insurance Bad Faith Lawyers
Property Insurance Forum
Homeowner Insurance Quotes and Information

State Law Center | Legal Links | Site Map | Privacy Policy | Media | About Us | Contact Us

freeadvice® has been providing millions of consumers with outstanding advice, free, since 1995.
While not a substitute for personal advice from a licensed professional, it is available AS IS, subject to our disclaimer and conditions of use.
freeadvice®, AttorneyPages®, ExpertPages®, and LegalSoapbox™ are units or affiliates of Advice Company.
All Rights Reserved © 1995-2008