Do you have to have home insurance once its paid off

[Anonymous]

Anonymous wrote: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.

Correct.

[Anonymous]

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

That is a good reason.

[Anonymous]

Anonymous wrote: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.

This. If you have any assets other than your house, carry an umbrella policy, as well.

[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.

Until someone is injured on your property.

[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.

What happens if someone trips and is seriously injured on your property and you don’t have homeowners’? Better hope you have a good umbrella policy at least.

[Anonymous]

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

Master policy’s for Condos do not cover personal effects, the deductible if you cause damage or displacement if you need to live somewhere else if your unit is unlivable due to a water leak or fire.
It can also cover your monthly assessments if you can’t live in the unit due to damage.

It can take a long time to fix a condo after an event. Living expenses quickly add up. An HO6 policy is fairly cheap.

[Anonymous]

Yes

[Anonymous]

Anonymous wrote:

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.

What happens if someone trips and is seriously injured on your property and you don’t have homeowners’? Better hope you have a good umbrella policy at least.

I’m not sure you can get an umbrella without also having homeowners.

[Anonymous]

If you can afford to go without traditional insurance you wouldn't be asking about it on an anonymous message board. Keep your insurance.