Homeowner's Insurance ,while not required in most states, is always required if you have a mortgage on a property. The bank (mortgage company) wants to protect their loan on your property.
Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.
In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.
When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.
For more information see the Rentlaw.com Guide to Homeowner's Insurance
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