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Do I really need insurance on my house?
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.
Does Washington state require homeowners insurance?
How you're covered. Washington doesn't require homeowners insurance by law, but if you finance your home, your lender may require you to have a homeowners insurance policy in place. Your policy's coverages are designed to safeguard your property and assets.
Is home insurance mandatory in Washington state?
Washington doesn't require homeowners insurance by law, but if you finance your home, your lender may require you to have a homeowners insurance policy in place. Your policy's coverages are designed to safeguard your property and assets.
What are 2 things not covered in homeowners insurance?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
Does a house need to be insured?
Legally, you can own a home without homeowners insurance. However, in most cases, those who have a financial interest in your home—such as a mortgage or home equity loan holder—will require that it be insured.
What are 3 ways you can lower the cost of your homeowner’s insurance?
- Shop around.
- Raise your deductible.
- Don't confuse what you paid for your house with rebuilding costs.
- Buy your home and auto policies from the same insurer.
- Make your home more disaster resistant.
- Improve your home security.
- Seek out other discounts.
- Maintain a good credit record.