1. 1185 POINTS
    Scott W Johnson
    Manager, Marindependent Insurance Services LLC, California
    Thanks for your question.

    When you say you own it free and clear, I assume you mean that you have no mortgage on it. First off you would want to check with the jurisdiction of the property as their may be state, local rules that would dictate the answer.

    Typically it is the mortgage company that requires owners to have property and potentially flood insurance on a building.

    However the larger question is why would you NOT want to have insurance on the property? Is the property a hard to place risk? Is the insurance overly expensive? Keep in mind that typical building property would often have three main components:
    Property Coverage
    Loss of Use

    Although it may be tempting to shop for only liability insurance you may find that the costs are such that it just makes more sense to purchase it as a package.
    Answered on December 6, 2016
  2. 447 POINTS
    Thad Bynum
    Owner/ Partner, Bynum Insurance Agency, Inc, Clayton, GA
    The answer is yes. If you own it free and clear it is your decision alone as to the insurance you will have. You would need to check the rules for your jurisdiction. It would be wise to quote liability along with the property coverage so you can make an educated decision.
    Answered on December 17, 2016
  3. 385 POINTS
    Soarella - Mary Gruenberg
    President, Soarella, Inc.,
    Now that you know that you can do it, the next question is whether you can find an insurance company that is willing to offer it that way. Don't be surprised if the company or agent ask you to sign something that clearly states that you are refusing the building coverage.

    Would you consider a package policy with the highest deductible offered?

    I suggest that you seek out an insurance professional that can help you crunch the numbers to determine the best risk/reward combination for your particular situation. Good luck!
    Answered on January 3, 2017
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