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When you buy a new home, you may wonder if it is possible to avoid buying insurance to protect your property. Although it is a smart decision to purchase homeowners insurance in any location, the law may not require coverage. In Laurel, Maryland, the laws regarding the requirements for homeowners insurance vary.
Condo Must-Buy Laws
Although the state does not require every homeowner to purchase insurance, it does specify that a condo may require insurance if the condo association votes to have every condo owner purchase coverage. If the condo does not vote on the topic, then owners may not be required to purchase coverage.
Lender Rules
While the state laws may not require homeowners insurance in Maryland, a mortgage lender may require that homeowners purchase some form of basic coverage to protect the building until after the loan is repaid in full.
The rules and regulations set by a lender will vary, so it is important to read through the documentation before looking for any coverage for the house. Some companies may require a larger amount of protection than others based on the value of the home or the risks associated with the building.
Finding the Right Plan
When a lender requires coverage, the best way to find the right plan is working with an independent agent. An agent can provide a wide range of options based on the requirements of the lender and a personal budget so that it is possible to find appropriate coverage.
Although the laws may not require coverage on a home, it is still a good idea to purchase insurance to protect personal assets in case an accident occurs or the building is damaged. To learn more about coverage options, contact us to talk to an independent agent.