Arizona Newbie

[bilmo2008]

What is the name of your state? Arizona

Hi All. I have one simple question. if your house is completely paid off,
are you still legally required to carry homeowners insurance?
Thanks much for any feedback.

Bill

 

[GulfBreeze]

What is the name of your state? Arizona

Hi All. I have one simple question. if your house is completely paid off,
are you still legally required to carry homeowners insurance?
Thanks much for any feedback.

Bill

If you don't carry any loan or mortgage..totally paid off and in no ones name besides yourself...you are not required to carry homeowners insurance..BUT

remember!

anything, and I mean anything that can go wrong will.

fire, flood (yes, we had floods in arizona...lol if you lived near a wash), anyone getting hurt on your property, vandalism, lightning, windstorm etc that MIGHT occur in your home or on your property will not have the protection of insurance. you could possibly lose it all. i would not be able to sleep at night if i didn't have insurance. to save a few dollars when it comes to a home is not a question with me. many people have learned the hard way.

 

[moburkes]

No, you are not required to carry it. It is stupid not to, though, unless you have several hundred thousand dollars in the bank, and nothing to do with that money.

 

[Some Random Guy]

I would suggest a policy with a very high deductible that you are only going to claim if your house is burned down or otherwise destroyed.

You go without insurance is extremely foolish.

 

[alnorth]

On top of the physical damage, if someone is hurt on your property, they could sue you into oblivion if you do not have adequate liability coverage with your homeowner's insurance.

 

[tammy8]

WOW I didn't even have a clue that someone would risk every single penny, dollar or possesion to save a couple of dollars.