Can I not have home owners insurance?

Direct answer: no state legally requires you to carry homeowners insurance. But if you have a mortgage, your loan contract requires it, and that is not a rule you can quietly ignore. Here is the part that matters most for your decision, because it flips the math you are running. If you drop coverage on a mortgaged home, the loan does not simply go uninsured. Your servicer buys a policy for you and bills you for it. That is called force-placed or lender-placed insurance, and it is a genuinely bad deal. It commonly costs one and a half to two times a standard policy, and it can run several times higher. Worse, it is written to protect the lender, not you. It typically covers the structure only. No personal property. No liability. No loss of use if you have to live somewhere else after a fire. So on a mortgaged home, dropping insurance does not save you money. It costs you more and buys you less. If the home is owned free and clear, then yes, it is legally your choice. But be clear-eyed about what you are self-insuring, because it is not only the house: - The structure, meaning you fund a full rebuild out of savings. - Your belongings, all of them, at once. - Personal liability. This is the one people forget. If someone is seriously injured on your property, a judgment does not stop at the value of the house. It can reach your other assets and, in many states, your future wages. Liability is the cheapest part of a policy and the most expensive thing to be without. If a full rebuild plus a liability judgment would not meaningfully change your life, self-insuring is a defensible adult decision. For most households, it is not. Before you take that risk, here are the levers that actually move the premium: - Raise the deductible. Going from 1,000 to 2,500 or 5,000 is usually the single biggest lever. It keeps the catastrophic coverage you actually need while you absorb the small stuff you were absorbing anyway. Only do this if you can genuinely write that check tomorrow. - Check whether you have a separate wind, hail or hurricane deductible. These are often a percentage of the dwelling amount rather than a flat dollar figure. Ask what yours is in real dollars. - Ask about your roof. Many carriers now settle older roof claims on a depreciated basis instead of full replacement, and some automatically apply a higher wind and hail deductible once a roof passes 15 years. - Shop the whole market every year, and use an independent agent who can quote multiple carriers. Loyalty is worth nothing here, and renewal pricing is where people quietly lose the most money. - Bundle home and auto, and ask specifically for the discount list: monitored alarm, automatic water shutoff, impact-resistant or fortified roof, claims-free history, new buyer. - If nobody will write you at all, your state FAIR plan is the insurer of last resort. Coverage is narrower and it is not cheap, but it is a real option. For context on why this hurts more than it used to: the average US home insurance premium hit about 2,948 at the end of 2025 after jumping 12 percent that year, and is projected to reach roughly 3,057 by the end of 2026. Costs are up about 46 percent since 2021, roughly three times the pace of inflation. Insurance is now about 9 percent of the typical homeowner's housing payment, the highest on record. You are not imagining this and you are not alone. I am a real estate professional, not an insurance agent, so get quotes from a licensed independent agent before you decide anything. I am Zoltan Peresztegi, and I work with homeowners across Los Angeles and the South Bay, where insurance availability has become part of nearly every transaction. If you would like an introduction to a good agent in your area, I am glad to help. Zoltan

If you have a mortgage, your lender will almost always require homeowners insurance. If you own the home free and clear, you're generally not legally required to carry it, but you'll be responsible for any losses or damage out of pocket. Given the financial risk, I'd recommend shopping around with multiple insurance providers before deciding to go without coverage.

If you have a mortgage, your lender will almost always require homeowners insurance. If you cancel it, they can buy “force-placed” insurance and charge you for it, and that’s usually expensive with worse coverage for you. If the home is fully paid off, you may not be legally required to carry it, but going without it is a huge risk. One fire, major storm, lawsuit, or water loss can wipe out years of equity. Before dropping it, shop around, raise the deductible, ask about discounts, adjust coverage, or review whether you’re overinsured. I’d try every option before going completely uninsured.

If you do not have a mortgage this might be an option, but it is NOT recommended. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

This is a common question among Florida buyers and sellers, and the answer depends on your specific situation and local market conditions. Understanding the fundamentals before making any decisions protects your investment and your timeline. In Inverness, Citrus County, Florida, the real estate landscape has its own characteristics that affect how this plays out in practice. The Citrus County market attracts a diverse buyer pool including relocators from higher-cost states, retirees, and local move-up buyers, which creates consistent demand across most price points and property types. The strategic approach is to work with a local agent who can pull current comparable sales data and walk you through the specific factors that apply to your situation in Florida. Every market is different at the neighborhood level, and decisions based on general advice or national headlines often miss the local nuances that matter most to your outcome. Making informed decisions based on local data is always the strongest position. Kevin Neely & Kaitlynd Robbins | K2 Sells

If you have a mortgage, your lender requires it. If you own the home free and clear, there’s no law forcing insurance, but going uninsured is very risky—especially in Florida where wind and flood exposure are real. Condos/HOAs may also require certain coverages. Flood insurance is separate from homeowners; lenders generally require it in designated flood zones.

If you have a mortgage - yes!

Great question, Terrance! Whether or not you’re required to have homeowners insurance depends on your situation, and I can break that down for you: Are You Required to Have Homeowners Insurance? If You Have a Mortgage: If you’re financing your home with a mortgage, your lender will require you to have homeowners insurance. This is because the lender has a financial interest in your property and wants to protect it in case of damage (e.g., fire, storms, or theft). Not having insurance could result in the lender forcing a policy on you, often at a higher cost than if you’d purchased it yourself. If You Own the Home Outright: If your home is paid off and you don’t have a mortgage, then you are not legally required to have homeowners insurance. You have the option to forgo it if you’re willing to take on the financial risk. That said, while it’s not required, most homeowners choose to maintain insurance because of the protection it offers. Risks of Not Having Insurance: Catastrophic Loss: Without insurance, you would be responsible for covering the full cost of repairing or replacing your home and belongings if something catastrophic happens, such as a fire, flood, or natural disaster. Liability Coverage: Homeowners insurance typically includes liability protection, which covers you if someone is injured on your property. Without this coverage, you could be personally liable for any medical or legal costs. Cost Considerations: While it’s true that homeowners insurance can be expensive, there are ways to reduce your premiums: Shop around for the best rates. Consider bundling with other insurance policies, like auto insurance. Increase your deductible, which can lower your monthly premium. Look into any discounts for things like home security systems, fire alarms, or even loyalty discounts with your current insurance company. Final Thoughts: If you have a mortgage, you’ll need homeowners insurance. If you don’t, you aren’t required to have it, but the risks of not having it are significant. Weigh the potential savings against the financial exposure you could face in case of a disaster or liability claim. For more insights on real estate and homeownership, feel free to check out my YouTube channel @livintc, where I discuss various topics related to buying, selling, and maintaining homes. I hope this helps you make an informed decision!

Home Insurance is required if you have a mortgage loan. The lender needs to protect the asset that is being securitized with a loan. If your insurance expires then the Lender may impose "forced insurance" which can be higher in price. The Note has these requirements listed.

Terrance, This is an unfortunate situation that we are all finding ourselves in. My first recommendation is to vote with your wallet and make hold these politicians responsible. There is no reason that insurance should be unregulated and allowed to increase 30% year over year! But in regards to you personally, if your home is paid for then you have more flexibility and here is the reality. The equity position in a home is generally a top 5 assets for many American home owners and you need to weigh the risk of not having insurance. If you had a water damage, wind, or fire and the repair was $50k to $75k could you pay out of pocket? Insurance is too expensive until you need it! I feel for you! Concord, MA real estate

Hi Terrance -- if your home is paid for and the is not a mortgage/financing on it -- the short answer is yes. If you have a loan on the property -- the mortgage company will find out at the expiration of your current policy and tell you to get coverage or they will get coverage for you. The coverage that the "get for you" will be more expensive than what you are currently paying. Property insurance is going up due to increase in labor cost, supply costs and country wide hurricane/flood/wildfire claims. We are all feeling your pain!