Do You Have To Have Homeowners Insurance?

A home is a big purchase, and a huge asset, so it goes without saying that you want to protect it. Do you have to have home insurance? No? Not unless your lender or landowner requires you to have it?

But should you have homeowners insurance coverage? Indisputably, yes. For a number of good reasons, which we will now outline for you.

What If?

No one ever plans for the worst. But what if it should happen? What if your home is damaged or destroyed? Could you afford to pay off your mortgage and rebuild? Even if your mortgage is paid off, could you rebuild? If you have homeowners insurance coverage, you wouldn’t end up homeless because you couldn’t afford the costs of building a new home.

Your Equity Is Protected

If you own your home, and it’s mostly paid off, you’ve already made a huge investment. If something happens to the home, carrying homeowners insurance coverage means that you don’t lose the value you’ve built up, making mortgage payments year after year.

You’re Protected Against Property Loss

It’s estimated that no fewer than one in four homes nationwide end up being robbed. If you should have the misfortune to be the victim of a burglary, your homeowners insurance policy will pay to replace whatever you’ve lost, and also to fix any damage that may have been done during the course of the robbery. Because of this, you don’t end up having to cover the loss and the repairs out of your own pocket.

What’s Lost Can Be Replaced

If you’re robbed, or your property is damaged, most of the time you won’t have the ready cash that will replace the lost items and pay for the repairs. Your home insurance will pay for everything you’ve lost.

You’ll Never Be Homeless

If something happens to your home, you won’t have to rely on the kindness of family or friends. Your insurer will pay for your housing until your home is repaired or rebuilt. This can include rental housing, or even hotel accommodations.

Even If You’re Away, You’re Protected

If you’re away on vacation or business, and something happens to your home, you’ll still be covered. You’re not expected to be at home 24/7.

STUFF Happens

Stuff happens, for sure, and when it does, you’ll be covered. Usually, your homeowners insurance policy will cover you for the usual things – water or fire damage, theft, burglary, and so on – but most homeowners insurance policies even cover irregular occurrences like floods or wind damage. You might need extra homeowners insurance coverage for things like earthquakes and other natural disasters, but generally speaking, you’ll be covered.


If someone is on your property and gets hurt, you could be sued, and you could end up out a whole lot of money. But if you’re insured, your home insurance will pay the damages that might be court-awarded, up to the limits of the homeowners insurance policy, and it will also pay any legal bills you might incur.

The best reason of all to buy homeowners insurance coverage is that it will give you peace of mind. You know that if something happens to your house, you’ll be able to rebuild or buy a new house. And if something happens to someone on your property, your liability insurance will cover you. Home insurance isn’t all that expensive, and the peace of mind it buys is priceless.