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When paying cash for a house is it mandatory to buy a homeowners insurance policy?
Wiki User
∙ 15y ago
Of course it's manatory if something happens to your house e.g. a fire, all your personnal items stolen..like jewlery, valuables..wouldn't you want insurance?? How about if a person falls and injures himself on your property and sues you. Hopefully in your policy you would have liabilty and medical. You need insurance..home, car, health..etc..it's worth it!
Wiki User
∙ 15y ago
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Does a standard homeowners insurance policy cover the death of the insurer?
No, Homeowners Insurance does not provide the coverage of a life insurance policy.
Does a homeowners insurance policy have to have the name of the current owners on the policy?
Yes, of course. The current owners on the policy have to pay for the insurance policy, This is why this policy states that it is a homeowners policy.
Is it mandatory to have homeowners insurance after you pay off your house?
No. Unlike auto insurance, homeowners insurance is optional and is not mandatory if your house is paid for. Just keep in mind though, if your home is lost due to fire, tornado, etc., you will not collect any kind of recovery for the loss. Also, without a homeowners insurance policy with liability coverage, you won't be covered for liability damages should someone fall or be injured in some way while at your home.
Do you need homeowners insurance the day of closing if you are paying cash for the home?
No. Although it may certqinly be advisable to get an insurance policy to protect your investment, there is no legal requirement that you do so.
Does homeowners insurance cover demolition?
Yes. That is covered on a homeowners policy.
Will homeowners insurance cover university student?
A homeowners insurance policy will cover the interests of the named insured on the policy. It does not matter if the insured is a student or not.
Does homeowners cover a murder of a person on the policy?
Homeowners insurance does not generally cover the murder of a person listed on the policy. For that, you need life insurance.
Is construction insurance normally a part of the homeowners insurance policy or a separate policy?
Separate
Are snowmobiles covered on your Homeowners insurance policy?
depending on you insurance company... I know my snowmobiles are covered on my homeowners
Does homeowners insurance cover sprinkler system?
Your homeowners insurance should cover damage to your sprinkler system if the cause of the damage is covered by your homeowners insurance policy such as fire, lightning, freezing of pipes, etc. Homeowners insurance is not a maintenance policy and will not cover mechanical failure of your system.
Is your car covered by homeowners insurance on their property?
No. Your Car is covered by your Auto Insurance Policy. It is never covered by a homeowners policy no matter whose property it is on.
What does homeowners insurance cover?
The basic structure of a homeowners policy looks like this:
