If I own a house or condominium, do I have to get home insurance?

Unlike car owners– who must by law have car insurance to cover their civil liability, house and condo owners aren’t legally required to have home insurance. However, it may be a requirement in certain situations. For example:

Mortgaged homes
If you want to take out a mortgage to pay for your home, your financial institution may require you to have home insurance. This helps protect the value of the home and the security of their loan in case of something unexpected, like a fire.

Condo or co-op units
If you’re buying a condo or co-op unit, your co-owners association may require that you have insurance. You’ll need to double-check with your co-owners association, as each is different.

Whatever your living situation may be, we strongly recommend that you do get insurance because it not only protects your home and your personal belongings, it also gives you liability coverage in case you accidentally injure someone or damage someone’s property anywhere in the world.