Is Home Insurance Required by Law

While homeowners insurance is not required by law, most mortgage lenders do require you to have it in order to borrow money from them.
The insurance companies will also help you recover the cost in case of theft and will recover the same.
Basic mobile home policies do not cover damage caused by floods, so if you live in a flood-prone area you'll need to purchase flood insurance.
Worse yet, you still will be responsible for paying your mortgage.
Could you really afford to rebuild your home?
And if you need to move out of your house while it's being repaired or rebuilt, homeowners insurance pays for your hotel, motel, and restaurant bills, plus other additional living expenses.
Shopping around for the right renters insurance policy is a smart investment of your time and purchasing a good policy is a smart use of your money.
All you need is to have someone hurt on your property in an accident - and it's to court you will go - unless you can afford to pay their medical bills and provide income while they are recovering. Home insurance cover would bring financial relief in the case of lost items in the home or in the case of damage, repair or having to totally rebuild your home from scratch due to fire, for example.
Home insurance in Texas is not required by law, but there are reasons why you may be required to have it -- not to mention that you would want it for peace of mind.

Article Source: http://www.mycontentbuilder.com

Jessica Hill runs Home Owner Insurance HQ.

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