While homeowners insurance isn't required by law, if you have a mortgage on your property, your lender will require that you purchase, and continue to maintain, homeowners insurance during the duration of the loan. The premium for paying for the insurance may be escrowed with your loan payment or may be an item you will need to pay for separately. Even if you own your home, without a mortgage, you'll still want to consider coverage to guard against property loss or damage, as well as liability lawsuits.
