Yes, if you own a house and owe money on it. Standard policies for homeowners include dwelling coverage.
Even though the law does not require you to purchase a home insurance policy, the lender will require you to do so if you finance a home.
It is financially prudent to keep a homeowners policy with sufficient coverage to rebuild or replace your home even after you have paid off your mortgage.
After a covered loss, dwelling coverage helps pay for the rebuilding or replacement of your home.
In most cases, homeowners are required to carry dwelling coverage that covers between 80 and 100 percent of the cost to replace their home.
Deductibles and exclusions apply to dwelling insurance coverage.
Optional coverages can help you get the most out of your home insurance coverage.
For mortgaged homes, homeowners insurance is required by lenders.
Some risks may be excluded from home insurance policies in some parts of the country. For instance, strategies for homes along the Texas Bay Coast commonly don’t cover hail or wind harm. However, the Texas Windstorm Insurance Association offers separate hail and wind coverage to homeowners in Texas.
