Hi, good morning. My name is Keiner Solis and I’m an insurance agent working for the Holdenrid Insurance Group, in a Winston-Salem location.
Today I’ll be answering one of the most popular questions regarding homeowners insurance. The question is, “When homeowners insurance is required?” Very, very common question and very important question, and the answer depends very much on how you acquired this dream home, your home.
Let’s say that you purchase the home using a financial institution using a loan service company. So, the answer will be, “It is a must. All banks will require you to place homeowners insurance on the house.”
The banks want to protect their investments and they will not let you go without. Or B, if you purchased the home using your own funds, it’s totally up to you, but I will suggest to think the same way as the bank does. They want to protect their investment, I think you want to protect your own investment too. Remember, this is the investment on your life, and you don’t want to lose it because you decide not to put homeowners insurance on it.