Do you have to have home insurance once its paid off

[Anonymous]

I know all the reasons for keeping it but is there a case for not having it?

[Anonymous]

No, you don’t have to.

[Anonymous]

No, you don't have to have it, and no, there's no case to be made for not having it.

[Anonymous]

No, but if your house burned down or a tree falls on it, you have to pay to have it fixed. If it’s a tear down, then we’ll take the risk of you are going to rebuild anyway.

[Anonymous]

No, but if something happens you are 100% responsible.

[Anonymous]

Don't be daft. Keep it reasonably insured.

[Anonymous]

Anonymous wrote:No, you don't have to have it, and no, there's no case to be made for not having it.

When the land far out values the house in a jurisdiction with high insurance prices, it can make sense to forego insurance.

[Anonymous]

Don’t be penny wise and pound foolish.

[Anonymous]

Anonymous wrote:

Anonymous wrote:No, you don't have to have it, and no, there's no case to be made for not having it.

When the land far out values the house in a jurisdiction with high insurance prices, it can make sense to forego insurance.

Agree. If the house is likely to be sold as a tear down, then a fire or other event wouldn't impact OPs value - she'd sell it for the lot.

[Anonymous]

I make sure I carry insurance not because I’m worried about the house itself, but because I feel that liability coverage is vital. In our litigious society, one lawsuit could ruin the rest of my life.

[Anonymous]

No, drop your homeowner's policy, and while you are acting in stupid mode, drop your health insurance also.

[Anonymous]

Anonymous wrote:No, drop your homeowner's policy, and while you are acting in stupid mode, drop your health insurance also.

If your so certain, do the actual analysis. You haven't, yet you're so damn sure of yourself. As noted above, there are plenty of situations where it makes sense to forego homeowners insurance.

[Anonymous]

I ditched it on my condo. It only covered walls in anyways. The actual condo was insured from the hoa

[Anonymous]

If i live in high rise condominium in Florida and the insurance prices are very expensive I would self insure.

[Anonymous]

Anonymous wrote:No, you don't have to have it, and no, there's no case to be made for not having it.

Completely agree. Haven't had a mortgage in years, but wouldn't think about not having homeowners insurance from a reputable insurer in reasonable coverage amounts.