is it a reqiurerment to have home owner insurance

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September 26 2009 - Corinth
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Answers (3)

Profile picture for Insurance Agency
Veronica, yes insurance is a requirement when there's a loan.  I have many clients who have paid off their mortgages, and the insurance is important to them because their house becomes a large asset that's part of their overall financial plan.

When purchasing a home, you may want to contact an insurance professional to review all of your policies including auto, life, health and disability.  A good insurance program will protect you, and help you stay in your home, in the event of an unexpected loss.  At our agency, we provide a free policy review to help people understand their current policies, discover opportunities for improvements, and get a customized rate quote.
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September 29 2009
Profile picture for real estate mike
If you have a loan and drop your insurance your lender can and will provide some for you , at your costs of course. and they won't shop for the cheapest either.
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September 26 2009
Profile picture for jkonstant
If you have a loan, yes. If you are in a home with deeded requirements like a condo, townhome and some HOA's you need to check those documents to determine what if anything is covered or not by your association fees.
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September 26 2009
 

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