Why Do We Need Homeowners Insurance?

  1. 575 POINTS
    Mathew Erickson
    Owner/Agent, Erickson Insurance Agency - Farmers Insurance, Canton, OH
    Homeowners insurance, and any insurance for that matter, is meant to protect the things we value. Homeowners insurance is to protect your investment in your home. If something catastrophic happens, you want to know that your investment will be protected, and that you will have someone to help you rebuild your home. Without homeowners insurance, YOU would be solely responsible for your home, your belongings, and all of the expenses associated with your loss. With insurance, you may have to pay a small amount (the deductible), but the insurance company is there to make sure that you are taken care of, and not forced to suffer more on top of the suffering you will already have to endure.
    Answered on March 24, 2014
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  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There isn’t a legal obligation to own homeowners insurance in most states.  However, the mortgage company will almost always require it.  If you don’t have a mortgage and can handle rebuilding the house or paying the award of a jury in a lawsuit, then you don’t need a homeowner’s policy.
    Answered on March 24, 2014
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