Is Home Insurance Required By Law?
Is Homeowners Insurance Required By Law?
Technically speaking, there is no law that requires you to have home insurance as a homeowner. If you fully own your home (and don't have a mortgage) it is an optional purchase. However...
IF you have a mortgage on your home, the lender will require you to get home insurance to protect their collateral on the loan. There is a legal requirement on the lender side that comes from the government to protect the value of the loan.
What Happens if I Forget to Renew my Home Insurance?
If you have a mortgage on your home and accidentally forget to renew your home insurance, your lender will place forced coverage on the home that usually ONLY COVERS their equity in the home (not yours). This coverage is VERY expensive and is not in your best interest to keep (you still pay via your mortgage/escrow account).
In order to avoid throwing money down the drain just don't let your home insurance expire.
Hope that helps!
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