Marlene Smith

Real Estate Broker

  • Home
  • About
    • About Marlene
    • Accessibility Statement
    • Privacy Policy
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Home Pricing 101
  • Blog
  • Contact

Is Home Insurance Required When You Buy A House?

November 19, 2020 by Marlene Smith

Is Home Insurance Required When You Buy A House?For those who are thinking about buying a house in the near future, they are probably in the process of tabulating up all of their expenses. One of the common expenses is home insurance. Even though home insurance is certainly recommended, is it actually required? There are many situations where it is required. At the same time, even when it is not required, it is still a good idea. When it comes to homeowners’ insurance, there are a few important points to keep in mind. 

Why Home Insurance Is Required By A Lender

For those who are taking out a mortgage to purchase a home, most lenders are going to require home insurance. This is because the lender wants to make sure that they are going to get their money back. Remember that the lender is taking a significant amount of risk as well. They want to make sure that they are going to get repaid for their loan. If something happens to the house and there is no home insurance policy, then they are going to lose a significant amount of money. Therefore, for those who are working with a lender, home insurance is probably going to be required. 

Buying A Home Without A Lender

In some situations, people could be looking at buying a home without the help of a lender. Those who are purchasing a home in cash are not going to have anyone telling them that they need to get home insurance. At the same time, it is still a good idea. For most people, the most valuable investment they own is their house. They want to make sure it is protected. After all, people protect their cars with car insurance. Cars usually cost a fraction of the price of a home. Therefore, it doesn’t make sense to go without home insurance.

Get The Right Home Insurance Policy

It is important for people to make sure they get the right home insurance policy. The home insurance policy has to cover situations where a home could be completely destroyed. This includes fires, floods, severe storms, and even situations involving burglary. Compare a few options and make sure to get the right home insurance policy.

 

Filed Under: Mortgage Tips Tagged With: Home Insurance, Homeowner Tips, Insurance

Marlene Smith

Contact Marlene


Real Estate Broker
Invest Rite Realty Group
CALL (541) 324-8330

marlene@marlenesmithrealtor.com
LIC #200610110
Invest Rite Realty Group, LLC Logo

How can we help?

  • This field is for validation purposes and should be left unchanged.

Connect with Us

Browse Blog Articles by Category

Recent Articles

  • 3 Tips To Consider When Buying A Home With An FHA Mortgage
  • S&P Case-Shiller Home Price Indices: Home Prices Fall In November
  • Is It Worth It to Put More Than 20 Percent Down?
  • What You Need To Know About A Closed-End Second Mortgage
  • What’s Ahead For Mortgage Rates This Week – January 30, 2023

Looking For Something?

Categories

Our Location


Eagle Point, OR

Copyright © 2023 · Powered by MySMARTblog