Is home insurance required by law like car insurance?
My home insurance lapsed and I can't afford to pay the bill for a few months. Am I required to keep it active? My home is paid off.
Nov 28, 2016Broken Bow, OK
Nov 28, 2016
One of the main reasons that car insurance is required by law is because your vehicle moves and has the potential to cause injury and damage to other people. Since your home is a fixed object there is no legal requirement that you maintain insurance on it. If you had a mortgage then the bank would require that you maintain coverage, but that doesn't apply in your situation since your home is paid off.