Can I Own A Home Without Homeowners Insurance?

  1. 910 POINTS
    Ken Boncela
    Ageny Owner, Farmers Insurance, Ken Boncela Insurance & Financial Services, Oswego, lllinois
    Sure.  But would you really want to?  If you have a mortgage, you will be required to have homeowners insurance to cover at least the borrowed amount.  If you don't have a mortgage you don't need homeowners insurance.  But you will need very deep pockets to pay to rebuild your home in the event of a claim along with the requisite demolition, debris removal, architectural fees, permits, and living expenses while your home can't be lived in.  Oh, and if you don't properly secure the damaged site and the neighbor kid wanders along and hurts himself in the debris, be prepared to pay lawyers fees, settlement fees and judgment when they sue you.
    Answered on May 29, 2013
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