Homeowners’ insurance can help cover your losses in a natural disaster, such as a hurricane. Many policies provide coverage for theft and other common emergencies, too. But what if you don’t want it? Is homeowners’ insurance legally required?

New York’s Legal Requirements

Homeowners’ insurance is not legally required in New York. You can purchase a home and never have to pay a premium. While this might sound appealing, it’s not as beneficial as it seems.

Mortgage Requirements

While the law doesn’t require homeowners’ insurance, many banks and lenders do. Most require people to have homeowners insurance to obtain a mortgage for their home or future home. There are penalties for insurance lapses, and you may lose your house. You’ll also need homeowner’s insurance to refinance or finance your home.

Benefits Of Home Insurance in New York

Many homeowners opt for homeowners’ insurance through a company like NY Twin Bridges Insurance Agency, even if it’s not legally mandated, because it provides protection. You’ll enjoy being reimbursed for damage from many natural disasters, such as hurricanes and floods. Some policies will provide additional compensation if you have to live somewhere else temporarily.

Homeowner’s insurance can help you learn about unique situations. For example, if you contact your insurance agent about a trampoline and whether insurance covers trampoline injuries, they may be able to help you learn how to protect yourself from lawsuits. Many trampoline owners have people sign a waiver before using a trampoline to protect their assets.

Homeowner’s insurance provides financial security and is often cost-effective in the long run. New York homeowners won’t have to pay out of pocket if a tree falls on their home or a hurricane rips their roof off. Instead, they enjoy tranquility. Contact an agent at NY Twin Bridges Insurance Agency in Albany, NY to discuss your options today.