There actually is no legal requirement that says you must have homeowner's insurance. However, most mortgage companies will require you to have a policy that at a minimum covers the remaining amount of the mortgage.
This will depend on the regulations of each individual insurance company. Some specialize in low value dwelling policies. Others have rather high minimum coverage amounts. Be carefull and read the terms of the policy. Most all homeowners policies have penalties if you do not insure it for a certain percentage of either actual cash value or replacement cost depending on the policy.
Florida has a minimum of $10000 for bodily injury in the case of a person becoming injured in an accidents. I was not able to find an amount just for collision.
The minimum amount of liability insurance coverage required (in California) is: 15/30/5. 15/30/5
Liability insurance is the minimum amount of auto insurance you need to be able to drive in Texas. To learn more, visit www.dot.state.tx.us.
The minimum required for liability car insurance in Texas is $10,000. There is no recommended amount just the minimum. If you want more than the minimum your agent will be able to assist you with that.
Insured Property ValuationIn the united States there are two valuations that can be used to purchase your homeowners insurance coverage. ACV (Actual Cash Value) or RC (Replacement Value). If you are wanting to insure just the amount you we on a finance or mortgage note, That would be called mortgage insurance, not homeowners insurance..
homeowners insurance or renters insurance
No, That's what your Major Medical or Health Insurance policy is for. Homeowners Insurance is "Property Insurance". The very, very small amount of medical coverage offered on most home insurance policies is for accidental injuries to others while on your property.
A minimum amount of loss that must be incurred before insurance coverage applies
In many places, depending on the lease, the landlord can insist on the minimum amount of insurance the tenant has.
Below is a list of the Florida state minimum auto insurance requirements, however classic and antique cars are very inexpensive to insure because they generally have very limited usage. While we have listed the minimum coverage requirements here, it is recommended that you consider a more suitable amount of coverage. The cost difference will be minimal.
For most states the minimum amount of insurance coverage that you need to carry on a motorcylce is around $5,000. This can vary from state to state though so be sure to contact your insurance agent.
The minimum amount required for car insurance in Pennsylvania is $15,000 per individual and $30,000 incident.