Does Everyone Need Home Insurance?

Home insurance is something that, much like car insurance, is required by law save for the fact that not all people are required by law to hold it. There are a few different instances in which you are required to hold a home insurance policy but all people can benefit from a policy. The helpful agents at Friant Insurance Agency in the Laguna Hills, CA area can help you get the policy that works best for you.

Who is Required to Hold a Home Insurance Policy?

Not all homeowners are required to hold home insurance. Those that are renting do not have to have home insurance policies but are encouraged to hold renters insurance, those that own their home and are not paying a mortgage or a lien are not required to hold home insurance, and those that do not own the home do not have to have a home insurance policy.

Those that are required to hold home insurance policies are people that have loans, mortgages, and liens against a property. The home insurance in this case is as much to protect the homeowner as it is to protect the lender should the home be destroyed. A mortgage company will be able to recover the money they have lent in the case of destruction of the home if the owner has a home insurance policy.

Should You Go Without a Policy?

As mentioned you do not have to hold a policy under certain circumstances but it is always something that is beneficial. Most homeowners do not have $200,000 laying around to rebuild if their home is destroyed so having a home insurance policy can help you recover if something does end up happening. For those that have questions about home insurance and live in the Laguna Hills, CA area, the agents with Friant Insurance Agency can help.