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    mitziam123's Avatar
    mitziam123 Posts: 4, Reputation: 1
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    #1

    May 19, 2011, 08:52 AM
    Do I still need home insurance
    Do I still need house insurance legally if I have paid off my mortgage? I live in the house but have recently found out that insurance companies do not insure the walls of the house!! Unless they have fallen down and the
    Foundations of the house move at the same time!! How many time would that happen for heavens sake!!
    mitziam123
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
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    #2

    May 19, 2011, 08:59 AM

    Your homeowners insurance does more than insure the "walls" of the house. It provides protection agaist fire and smoke damage, water damage caused by pipe breakage, storm/wind damage, personal property, and perhaps most important: liability insurance.

    If you have paid off your mortgage there is no rule that says you have to carry insurance. But if you don't and your house burned down you'd be left with nothing, and if the neighbor's kid breaks his leg in your yard you'd have to pay his medical costs and whatever amount you are sued for yourself. Are you prepared to take on that risk?

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