Homeowner’s insurance is not required by law but it may be required by your lender as a condition for lending you the funds. This makes sense though because your home is the only collateral the bank has on the loan. If your home burns down and you are unable to pay the loan, the lender is pretty much out their funds because the collateral is gone.
If your home is in an area prone to floods, they might require you to have flood insurance. If you’re in an area prone to earthquakes, they might require you to have earthquake insurance. However, if you don’t have a mortgage, there’s no law that requires you to have homeowner’s insurance… but it’s probably a good idea.
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