Do I need homeowner's insurance?

Do I need homeowner's insurance?

Sam Friedman (Editor-in-Chief, National Underwriter, Property & Casualty Edition) gives expert video advice on: What does homeowner's insurance cover?; Am I required to have homeowner's insurance?; What does home insurance property protection cover? and more...

You absolutely need homeowner's insurance. For most people, buying a home is probably the biggest investment they're ever going to make in their lives. If you do not buy homeowner's insurance, you are totally exposed if anything ever happens to that property. If there's a fire, if there's a hurricane, if someone slips and falls and hurts themselves on your property, your assets are totally exposed at that point. Any loss would have to be paid out of your own pocket. If you do have homeowner's insurance, then you transfer a lot of that risk to the homeowner's insurance company. It's critical that you buy homeowner's insurance.