Is there a chance of having a house without insurance?
Yes, you are allowed by the low to have it without the homeowners insurance. But lenders need to protect their investment in your home if there is a chance of the house getting burned down or ruined by any types of disasters. To prevent such things from happening you are required to have the insurance.
If you don't live in the safest area - you will be required to get an insurance that will cover any circumstances you might meet. You can have flood coverage, earthquake coverage and so on. If you purchase a co-op or condominium, you will be requested to also buy homeowners insurance.
If you mortgage is totally paid off, you don’t need to stick to these obligations or requirements no more.
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