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Homeowners’ insurance is a must-have for any homeowner since it provides coverage for emergencies such as fires, vandalism, and more.

But you might be wondering if home insurance is actually required or if you can avoid it. The answer is…it depends! 

To learn more, call All N One Bonding and Insurance today at our Las Vegas line (702) 850-7711 or Memphis line (901) 306-8100, and we will explore this subject in-depth with you.

We will also help you find the right bond and insurance coverage for your specific needs, taking into account your state’s laws, the value of your property, and other factors to help you make an informed decision.

If you would prefer to read about homeowners insurance and whether or not it is required, then check out the information we have put together below.

Is Homeowners Insurance Required?

Some people think that homeowners insurance is required by law and that there are no exceptions. This is not true. Homeowners insurance is, in fact, not required by law, but it is true that individual banks and lenders set their own requirements for coverage. 

If you are buying a new house with a loan, it is standard practice for lenders to require that you purchase coverage.

Why Do You Need Homeowners Insurance?

Even though homeowners insurance is not required by law, getting it is a very good idea. Here are some ways that it can protect you.

  1. It provides coverage for your home and your belongings in the event of a disaster. Coverage typically includes fire, smoke, theft, vandalism, and weather-related events.
  1. Homeowners insurance covers high-value items such as jewelry or electronics.
  1. If your homeowners insurance includes personal liability coverage, then it also covers injuries that happen on your property within the limits of the policy.

Do You Need To Get A Home Insurance Quote?

If you are getting a new home, then now is a great time to find a plan. If you are still weeks or months away from closing, it may be a good idea to get some early estimates, as this will give you time to compare and shop around for what best suits your needs.

Before finalizing your loan, your mortgage company will request your insurance information, so having a quote ready can help make things go smoothly. 

All N One Bonding and Insurance provides some of the best home insurance quotes in Nevada. Call us today for a free, no-pressure consultation.