Yes you can legally own a home without homeowners insurance. But then as a homeowner you should legally protect your home because two very important factors which are being mortgage or home equity loan holder and for ongoing financial protection.
mortgage or home equity loan holder
Being a mortgage or home equity loan holder your mortgage lender will need homeowners insurance
The truth is that your bank or mortgage company will most likely want a homeowners insurance coverage from you. This is because you as a lender musr protect your mortgage which is your investment. so that if your house burns down or is badly damaged by any disasters, the homeowners insurance would covers against financial loss.
Protection on largest asset
The standard house you have might be your largest asset. So even when it is not comolusory or illegal not to have a homeowner insurance in place but you need to have one to protect your asset. After the mortgage on your house is paid off, you would need to buy homeowners insurance not only insures the structure but your belongings too. This will help in an event of any disaster to give liability protection in any case of any property damage lawsuit.
mortgage or home equity loan holder
Being a mortgage or home equity loan holder your mortgage lender will need homeowners insurance
The truth is that your bank or mortgage company will most likely want a homeowners insurance coverage from you. This is because you as a lender musr protect your mortgage which is your investment. so that if your house burns down or is badly damaged by any disasters, the homeowners insurance would covers against financial loss.
Protection on largest asset
The standard house you have might be your largest asset. So even when it is not comolusory or illegal not to have a homeowner insurance in place but you need to have one to protect your asset. After the mortgage on your house is paid off, you would need to buy homeowners insurance not only insures the structure but your belongings too. This will help in an event of any disaster to give liability protection in any case of any property damage lawsuit.
