When it comes to your legal requirements and insurance, the facts aren’t always clear. You may have heard that you need home insurance if you purchase a property in Wheat Ridge, CO, but is this a fact? CO Insurance Specialist wants you to learn more about it so that you’re on the right side of the law. 

The Answer Depends

Like so many things in life, the question that you’re asking is dependent on whether or not you own the property outright. If you’re financing the home, the lender is going to want to protect their investment, which is why they’ll typically require a certain amount of coverage from different events. What your lender requires will depend on their regulations, but you do not legally need home insurance if the property does not have a lien on it. So if your parent gifted you a home that they paid off 10 years ago, you do not technically need home insurance. 

The Case for Having It Anyway 

No matter how you came into the property and how much it’s worth, having home insurance is a way to protect yourself from a wide variety of events. From flooding to fires to vandalism, you should really be looking out for the land and structure you own. Property owners in Wheat Ridge, CO who look out for their homes are also looking out for their community as well — the more people take the time to guard their investment, the more everyone’s property will be worth. 

If you have questions about getting a policy or you’re thinking of changing the one you already have, CO Insurance Specialist is here to help. Give us a call to learn more about our company and what we can do for you.