3 ms·

Is insurance obligatory in USA? A. For owners? B. Is it obligatory if the owner rents the house?

• redserk 3y ago
  I don't live in CA so I'm not sure what's exactly required there. In most cases though, you are required to keep insurance if you have a mortgage. If you rent, your landlord is responsible for insurance for the structure, but you can/should get insurance for your belongings and in the event that your actions cause damage to the house or to people.
• bombcar 3y ago
  Technically, no. Practically, yes. It is nearly impossible to get a mortgage on a habitable house without getting home insurance, because the bank doesn't want to loan you $400k on a $500k house, have the house burn down, and since the land is only worth $100k and you still owe $400k, you just walk. Even if you own the house outright, home insurance is one of those "good idea" unless you can take a complete structure loss on the teeth and keep moving. And if you're renting it, you want it for the liability protection, too, because tenants can and will sue, and if your policy is big enough, the insurance company lawyers will defend. But if you own a house in the sticks outright and don't want insurance, you don't have to have it, I don't know of any state that requires it the same way car insurance is required (and even car insurance isn't required if you never drive your car off your land).
• deleted 3y ago
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• dragonwriter 3y ago
  > Is insurance obligatory in USA? A. For owners? Usually for a mortgage it is. If you want to be uninsured on property you buy without a mortgage, that’s generally legally allowed, even if not necessarily desirable.