0
Homeowner's insurance is not mandatory in the sense that a statute or regulation requires it. However, if the property is subject to a mortgage, the lender will require that the structure of the house be insured so as to protect the collateral that secures the loan.
Add your answer:
Earn +20 pts
Is boat insurance mandatory in Alabama?
No, boat insurance is not mandatory in Alabama.
Is boat insurance mandatory in Pennsylvania?
No, boat insurance is not mandatory in Pennsylvania.
What type of health insurance option did Barack Obama signed into law?
Mandatory Insurance
Is it mandatory to have boat insurance in Missouri?
Yes its mandatory to have boat insurance and have a boating license.
Is boat insurance mandatory in Missouri?
In Missouri, boat insurance is only mandatory if you have a loan on your vessel.
Is insurance for private boats mandatory in Florida?
if you a financing a boat and it is used as collatoral you must have insurance. if there are no leins against the boat, insurance is not mandatory.
Is boat insurance mandatory in Michigan?
Insurance becomes mandatory in Michigan if the boat is equipped with a 50 horsepower and above engine.
Is homeowners insurance mandatory in Missouri?
It is only mandatory if you have a mortgage or lien on the home.
Is motorcycle insurance mandatory in Washington?
no
Is boat insurance mandatory in Ohio?
no its not
Is group life insurance mandatory?
no
Is it mandatory to have homeowners insurance after you pay off your house?
No. Unlike auto insurance, homeowners insurance is optional and is not mandatory if your house is paid for. Just keep in mind though, if your home is lost due to fire, tornado, etc., you will not collect any kind of recovery for the loss. Also, without a homeowners insurance policy with liability coverage, you won't be covered for liability damages should someone fall or be injured in some way while at your home.
