1. 1909 POINTS
    HDA Insurance BrokeragePRO
    Director, HDA Insurance Brokerage, California
    Homeowners Insurance is not mandatory;  for those that don't want to be covered by home insurance against the perils of Fire, Wind, Theft, Burglary and Personal Liability, they may self insure at their own risk.

    If the home owner has taken a mortgage on the property, the mortgage company will require the asset insured thereby requiring the home owner to buy insurance.
    Answered on January 5, 2014
  2. 37376 POINTS
    David G. Pipes, CLU®, RICP®PRO
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    Check with your attorney but I doubt that your state requires homeowner’s insurance.  Mortgage companies require “hazard” insurance as a prerequisite to funding a mortgage.  They also require that the insurance be maintained.  Failure to maintain the insurance will authorize the mortgage company to place the insurance in place and charge you for it.  Other than that the only reason to purchase a homeowner’s policy is a desire to avoid the risks of homeownership.
    Answered on August 4, 2014
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