Is Homeowner’s Insurance A Must If Your House Is Paid Off?

The vast majority of today’s mortgage lenders require buyers to carry homeowners insurance since, technically, the home belongs to the lender until it’s paid off. This allows the lender to protect their investment. What happens, though, once you pay off you home? Do you still need a homeowner’s policy? Read on to find out.

Image via Flickr/Mark Klinger

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