what happens if your house was on fire?

YES if you don't pay lender will place enforced insurance on your property which is triple than what you pay now .

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Lynn911

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Yes.

[That was going to be my entire answer. But Trulia insists that answers be at least 25 characters long. So let me clarify my answer above: Absolutely yes.]

Hi Joe,

It is mandatory to have an insurance on your home. I agree with the 2 previous
anwers. The only think you do if you have no money right now you can write
a letter to the Mortgage Company/Bank telling them the you do not have money
at this point, and they will shop around the insurance then the will include this
in your monthly payment..

Hi Joe,

The key is that you have a mortgage on the property. As soon as you drop coverage, your mortgage holder will be notified. You are required to carry insurance to protect their collateral (your home). This is irrespective of your equity position in the property.

Patrick
(408) 410 9139
patrick@dreamsbytheyard.com

Homeowner insurance is typically required by your lender, whether you want to buy it or not! You might want to shop carefully for the best rate. If you let it lapse, the lender will obtain insurance for you and the rate could be four times as high as a competitive rate you could find by good searching.

Good luck!

Erica