Do I really need home owners insurance, if so, why?

Asked by Looking2buy, Miami, FL Mon Mar 18, 2013

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Antonio Vega…, Agent, Saint Cloud, FL
Mon Mar 18, 2013
What would you do tomorrow if you lost your home to fire tonight? Or the community got flooded for the first time ever, or if a hurricane destroyed most of it and you had to rebuild. Do you have enough money to be able to pay for all the repairs and replace everything inside, and not feel a crunch in your pocket. Likely not. That is why. Plus if you are still making payments on it, the lender requires it. (And they charge more than double if they have to get it for you).

Tony Vega
La Rosa Realty
0 votes
point taken :-)
Flag Thu Mar 28, 2013
Railripper, Home Buyer, Miami, FL
Mon Nov 6, 2017
It depends on what type of home you live in. I live in a single wide mobile home in Florida. If I did get insurance , it would cost $1000.00 a year and only cover the trailer for $5000.00 dollars. I've lived without it for seven years and gone through one Hurricane just this year without damage. As you can see, Ive won the gamble.

Jim Davis Florida
0 votes
Irina Karan, Agent, Aventura, FL
Tue Mar 19, 2013
The only time you don't need it is when you are demolishing the house that same day.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
0 votes
Steven Epste…, Agent, Coral Gables, FL
Tue Mar 19, 2013
If you have a loan the lender will require you have insurance. If you own free & clear won't it be a good idea to protect your asset & investment?
0 votes
Alberto Baca, Agent, Miami, FL
Mon Mar 18, 2013
It is recommended that you have home owners insurance to protect your investment in case of any natural disasters or other extenuating circumstances. If you're financing the bank will require it because they also want to make sure their investment is protected.

Alberto Baca
The Keyes Company
0 votes
Bill Eckler, Agent, Venice, FL
Mon Mar 18, 2013
If you own the property out right....the choice is yours. On the other hand, if you are financing the property your lender will insist that the property is insured. This is because they need to know their interests are being protected and damages will will be repaired.

There are many owners that do not have insurance and contnue to "roll the dice" hoping nothing bad happens. The bottom line is that when something bad happens, that is when people finally understand the importance of being insured.

Good luck,

0 votes
Yanoska Diaz, Agent, Miami, FL
Mon Mar 18, 2013
You really need Homeowners Insurance because your home is one most important investments you will ever make and you need to protect it from natural disasters, theft, fire, financial loss, etc. Homeowners should never underestimate the impact or severity of these occurrences.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Mon Mar 18, 2013
Are you kidding? Of course you do. What if the house burns down? Is hit by lightening, or a hurricane? What if someone visiting you falls and sues you? What if a tree in your yard falls on your neighbors car or house? Do you need a mortgage, if so the only way you're getting one is to have homeowners insurance.

The reasons for having homeowners insurance are so many and so compelling that it's hard for me to imagine anyone considering owning a home with out it. You should also make certain you get Title insurance (which is a one time cost only and covers your home fro the entire time you own it)

Don't make a foolish mistake, get yourself a quality homeowners policy and if you drive bundle it and your auto together to get the best rates on each. In Miami you probably would be wise to also get a flood insurance policy as flooding from storms is not covered under traditional homeowners policies.
0 votes
Jose Gomez, Agent, Miami, FL
Mon Mar 18, 2013
Although you aren't legally required to have certain types of homeowners insurance, if you borrow money from a mortgage lender, your lender will probably insist on certain policies. In addition, if you own a condominium or a co-op, the tenants' association might require you to have insurance coverage, since if something happens to your condo it could affect everyone else's. Also, the word "homeowner's insurance" can be interpreted in many ways and separate policies can be purchased for hazard, liability, flood, wind storm, content, etc.. In a nutshell, homeowners insurance is the kind of thing you hope you never have to use, but if you need it, it's invaluable.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Mar 18, 2013
You can shop for the best deal:
If you don't; your Lender will get it for you; and it will be more expensive!
0 votes
Nereida Figu…, Agent, Miami, FL
Mon Mar 18, 2013
Homeowner's Insurance is needed due to your lender is going ask you to insure your property. If you don't buy homeowner's insurance them no loan (required it all the time). If you paid all cash and no lender involved you can decided no to have it.

Bank/Lender need you to insure your property because, replacement costs.
0 votes
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