Mortgage lenders require homeowners to carry homeowners insurance. There are a number of reasons for this but the most important one is that your lender will want your home rebuilt in case of catastrophe.
Your lender's mortgage is collateralized against the home, after all. Without the home, the mortgage has little value. By requiring homeowners to carry insurance for at least the cost of rebuilding the home, then, the lender and homeowner are both protected from disaster.
Proper coverage will protect against foreclosure after a tornado, hurricane, or earthquake, as examples.
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