What states do not require homeowners insurance?
Asked by: Anika Wisoky | Last update: August 10, 2025Score: 4.5/5 (36 votes)
What states don't require home insurance?
Homeowners insurance is not required by law in any state, but mortgage companies usually insist you get a policy. One of the most common and persistent myths about home insurance is the belief that you're legally mandated to carry coverage. Home insurance isn't a requirement anywhere in the US.
Is homeowners insurance required in Virginia?
Virginia homeowners insurance is not required by law, but if you finance your home, your lender may require you to have a homeowners insurance policy in place. Even if you've paid off your home, homeowners insurance can be essential protection for what's likely your most valuable and important asset.
Which institution will always require you to have homeowners insurance?
Your mortgage lender will require homeowners insurance
Home buyers looking to finance their purchase will quickly learn what those who have a mortgage already know—your bank or mortgage company will most likely require you to get homeowners insurance coverage. That's because lenders need to protect their investment.
Why do people in Florida not have homeowners insurance?
For many Floridians, the decision to go without homeowners insurance is driven by high costs. Premiums in Florida are triple the national average, making it difficult for many to afford. Mortgage-free homeowners are particularly likely to drop their coverage.
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Is State Farm pulling out of Florida?
WASHINGTON, D.C. (NewsNation) — Days after a major insurance provider announced it was pulling out of Florida due to environmental risks, State Farm Insurance announced Thursday it is recommitting itself to the residents of the state, NewsNation has learned.
Can you own a home in Florida without insurance?
You are not required by law to purchase homeowners insurance in Florida.
What is the 80% rule in homeowners insurance?
The 80% rule means that an insurance company will pay the replacement cost of damage to a home as long as the owner has purchased coverage equal to at least 80% of the home's total replacement value.
Is it legal to not have homeowners insurance?
Theresa Simes, a Farmers Insurance® agent in Fountain Valley, California, discusses the need for home insurance. A: Home insurance isn't required by law, but there are other reasons to insure your home. If you have a mortgage on it, your lender will require you to have insurance until the loan is paid off.
Should you have homeowners insurance if your house is paid off?
But now that your loan is paid off, you are responsible for making your homeowners insurance payments. Although you are not legally required to have homeowners insurance, you should think twice before you cancel your insurance.
Why is Nationwide cancelling homeowners insurance in Virginia?
Nationwide had notified the NCDOI of its decision in February 2023, Tyson told the Virginian Pilot, citing the need to reassess and rebalance its portfolio based on risk factors such as climate severity, weather-related losses, and changes in the reinsurance market.
Is it OK not to have home insurance?
States do not legally require homeowners to have home insurance, but it is usually required by your lender if you currently have a mortgage on your home.
Does Pennsylvania require homeowners insurance?
Homeowners insurance is not mandatory in Pennsylvania but most banks or lenders will require you to cover your home for at least the amount of the mortgage. If you are looking for a homeowners insurance policy, always shop around and compare coverage and price.
What two states do not require insurance?
New Hampshire and Virginia are the only states that do not require auto insurance. However, if you choose not to purchase car insurance in these states, you would still be held liable for any property damage or bodily injury caused by their vehicle.
What is the cheapest state for home insurance?
Hawaii, Vermont, Maine, New Hampshire and Delaware are the cheapest states for home insurance. These states tend to have either fewer natural disasters or lower costs to rebuild a home, and sometimes both.
Why are insurance companies pulling out of Florida?
The current Florida homeowners insurance crisis is the result of several factors, including hurricanes and litigation, that have caused home insurance companies to pull back, leave the state or even go out of business.
Is homeowners insurance required in all states?
No states have laws mandating homeowners insurance, but, if you finance your home, your lender will typically require a home insurance policy. The standard coverages for homeowners insurance are generally the same in all states.
What would happen if a homeowner had no homeowners insurance?
Without homeowners insurance, you would be responsible for all the legal fees, medical bills, and potential settlements. Liability coverage, which is typically included in homeowners insurance, protects you from these unexpected costs.
Can an hoa require homeowners insurance?
Can an HOA require homeowners insurance? Homeowner associations may require you to get additional insurance coverage depending on the circumstances of your neighborhood (if your neighborhood pool allows visitors, etc).
What is the 50% rule in insurance?
In California's personal injury cases, the concept of 50/50 liability applies when both parties are equally responsible for an accident or incident. This shared responsibility is also referred to as equal fault or shared fault, and it falls under the broader category of comparative fault.
What insurance companies are pulling out of Louisiana?
- State Farm.
- Allstate.
- USAA.
- Liberty Mutual.
- Farmers.
- LA Farm Bureau.
- Progressive.
- Travelers.
Can you opt out of homeowners insurance?
Other homeowners acquire property via different means, be it inheritance or buying the home outright. For individuals in this circumstance, homeowners insurance is not expressly required, and they can opt out of the coverage if they so choose.
How many Floridians have no homeowners insurance?
Recent studies show that about 15% to 20% of Florida homeowners are uninsured. Experts said the risky trend is a direct result of the state's property insurance market crisis.
Does owning a home in Florida make you a resident?
Owning property is not enough to establish Florida residency for asset protection purposes. The law requires that you demonstrate your intent to establish your primary place of residence in Florida.