Is homeowners insurance mandatory in Washington state?

Answer 1

genius guy,i think its a good idea to get homeowners insurance. If you own the house outright, then no it is not required but if you have a mortgage, then the institution that made the loan most likely does require it. They already have laid out the monies for the real estate they do not pay to insure it also. You can add your taxes and insurance into an escrow account the will include those expenses with your mortgage payment, that you pay monthly so as at the end of the year you do not have to come up with two lump sums of big money. The bank or mortgage company see's to it that not only do your monies go to mort. but the other two as well...It makes things easier...

Answer 2

Generally yes, you should. If you have a mortgage, quite often the bank will actually require you to have home insurance to protect their interest in your property.

Home insurance can also cover contents, so it will pay you if you lose stuff due to theft or fire damage.

But if your house burns down, most people could just not afford to rebuild without home insurance.

Answer 3

Homeowners insurance is not the proper policy if you are renting a home to someone else. What you need is a tenant occupied dwelling fire policy with premises liability coverage added to the policy or extended from your homeowners policy from the home you do live in. This is why you need an insurance agent and not a 1-800 insurance company to advise you on your needs and sell you the proper policies.

Answer 4

If you have a mortgage it is usually required by your Mortgage Company and detailed in your mortgage financed note. It's a contractual matter.

If the home is paid off and you do not owe on your home, then it is entirely up to you if you want to insure it or not.

Answer 5

Yes, in the United States, All Homeowners policy forms HO1, HO2 and Ho3 require the insured premises be the primary home of the insured unless specifically endorsed otherwise.

Dwelling Policy Forms DP1, DP2 and DP3, can be either owner occupied or tenant occupied, primary, secondary, temporary, vacation home or even a seasonal residence.

Answer 6

yes