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    Zarakali's Avatar
    Zarakali Posts: 5, Reputation: 1
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    #1

    Oct 4, 2015, 01:56 AM
    Why take out Home insurance?
    Notify me some advice for why to compulsory take out home insurance.
    talaniman's Avatar
    talaniman Posts: 53,910, Reputation: 10852
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    #2

    Oct 4, 2015, 02:39 AM
    To mitigate losses from fire, theft, or damages beyond your control. The mortgage company would still want their payments if your home was destroyed wouldn't they? That's why it's compulsory to have insurance and foreclosure is a consequence for non compliance.

    It's not your house until it's paid for.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
    current pert
     
    #3

    Oct 4, 2015, 04:07 AM
    Some lenders let you out of all those requirements after some number of years or amount paid off, but if you have a 30 year mortgage, it might be 15 years. Ask!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,277, Reputation: 7690
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    #4

    Oct 4, 2015, 04:20 AM
    You said compulsory. Compulsory means being required. That would be because a company, association or other group requires it.

    Why should you? To pay for major losses if and when they happen.
    smoothy's Avatar
    smoothy Posts: 25,495, Reputation: 2853
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    #5

    Oct 4, 2015, 09:27 AM
    Few people are independently wealthy enough to self insure. And those that are, are smart enough to not put their assets at risk by not having insurance.

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