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Is it illegal not to have home insurance?
My partner doesn’t want us to purchase home insurance and would rather put the money aside for any repairs. I thought it was a requirement, not an option. Is it illegal not to have home insurance?
Sadie Lovemore · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Purchasing home insurance is a wise decision! Home insurance is not required by law, but it’s usually required as a condition of your mortgage. Plus, it could save you from life-altering financial loss.
Legally, you can get by without home insurance, but it’s smart to protect your investment. Think of it this way: If your home was destroyed in a fire, could you afford to replace it? Even if you could, the national average for home insurance is only $1,312 per year vs. tens of thousands of dollars for repairs.
If you haven’t purchased your home outright, your mortgage lender likely requires home insurance for the same reason: to protect their investment. Home insurance provides coverage for a
number of perils
, from tornadoes to theft and vandalism. It also covers you if someone is accidentally harmed on your property—paying for medical fees and any litigation. Here are some more reasons why you should consider home insurance:
- Accidental or sudden damage to the inside/outside of your home is generally covered.
- Your personal belongings, from furniture to kitchen gadgets, are covered. Limits apply for expensive items.
- As previously mentioned, personal liability is covered. When accidents happen, you don’t want to pay out of pocket.
- If you make a claim for a covered peril, your living expenses above and beyond what you usually spend are covered.
Of course, it’s also important to compare quotes before you purchase home insurance.
If you’d rather leave the hard work of gathering quotes to someone else, use
Jerry
. The Jerry app collects quotes from top insurance companies like Berkshire, State Auto, Safeco, and Travelers, in seconds! They even help cancel your old policy once you’ve made your pick.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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