Call Us  |  Text Us ☰ ˟


Call Us (203) 377-8455
Text Us (475) 256-6940
Logo


  • Products
    • Get A Quote With Nationwide
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Mortgage Protection
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Individual Life
      • Group Life
      • Long Term Care
      • Disability Insurance
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Personal Umbrella & Identity Theft
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Auto Body Insurance
      • Insurance for Arborists
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Craft Brewery Insurance
      • Healthcare Facility Insurance
      • Healthcare Practice Insurance
      • Landscaper Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine Services Insurance
      • Livestock Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Maritime Employers Insurance
      • Media & Advertising Insurance
      • Orthotics & Prosthetics Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Railroad Contractors Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Specialized Truck Equipment Insurance
      • Technology Services Insurance
      • Water Well Drillers Insurance
    • Coverage for Your BusinessImage of right arrow
      • Business Insurance
      • Leave Management
      • Loss Control Insurance
      • Marine Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Inland Marine Insurance
      • Professional Liability
      • Workers Compensation
      • Bonds
      • Fidelity Bonds
      • Surety Bonds
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Employer-Sponsored Retirement
      • Group Benefits
      • Group Disability Insurance
      • Voluntary Benefits
      • Retiree Health Coverage
      • Group Health Insurance
      • Disability Insurance
      • Individual Life Insurance
    • Coverage for Your FarmImage of right arrow
      • Crop Insurance
      • Farm Owners Insurance
      • Farm Livestock Insurance
      • Equine Insurance
      • Farm Equipment Insurance
      • Farm Dwelling Insurance
      • Farm Structures Insurance
      • Farm Auto Insurance
      • Farm Umbrella Insurance
      • Farm Liability Insurance
  • Get A Quote
    • Get a Quote
    • Nationwide Express
  • Blog
  • Resources
    • Refer a Friend
    • Payments
    • Claims
    • Carriers
    • Insurance Glossary
  • About Us
    • About Us
    • Testimonials
    • Switching Insurance Companies
    • Employee Directory
    • Privacy Policy
  • Contact Us
    • Contact Us
    • Our Location
    • Leave Us a Review
Home > Blog > What Happens if I Don’t Have Home Insurance?
WEDNESDAY, JANUARY 27, 2021

What Happens if I Don’t Have Home Insurance?

Many new homeowners may be surprised to discover that home insurance isn’t actually required by any state or federal law. Instead, you may be required to carry home insurance if you have a mortgage on your home. a large lawn in front of a house

If you have a mortgage, the lender may require you to carry enough home insurance to cover your mortgage until it is paid off. Failing to carry enough home insurance to cover the mortgage of your home is a violation of your mortgage agreement and can lead to legal issues such as warnings and fines. 

Once your mortgage is paid off, you have the option to drop your home insurance coverage. This isn’t recommended, however. 

While you won’t be fined by the state, going without insurance means that you will have to pay for any damages to your home or personal belongings. If a fire breaks out and destroys your belongings, for example, you will have to pay for repairs and replacements all of out pocket. A home insurance policy can help you recover after an accident without taking out a loan or going into debt after a disaster. 

What if I Can’t Afford Home Insurance? 

Home insurance is calculated based on how likely you are to file a claim. The more likely you are to file a claim, the more you may pay for insurance. If you find that you are paying too much or quotes are too high for home insurance, ask your insurance agent about different ways you can save money on your coverage. Insurance providers will generally offer discounts for clients such as bundling home and auto, safety discounts for installing burglary systems, etc. You may be surprised at what discounts you can qualify for. 

There are also different payment options available for homeowners in different situations. 

How Much is Home Insurance? 

Home insurance premiums are based on various factors such as your location, value of the home, credit score, history of claims, coverage limits, deductible and more. If you live in an area with a long history of claims due to bad weather or a high crime rate, you will likely pay more for home insurance. 

A low credit score can also increase your rates. You can build credit by paying off other debts and setting up automatic drafts for your premiums so that you never accidentally miss a payment. 
Posted 4:38 PM

Tags: homeowners, policy, coverage, insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020

  • insurance(7)
  • coverage(7)
  • commercial(4)
  • policy(3)
  • liability(3)
  • auto insurance(3)
  • business(3)
  • home insurance(3)
  • flood insurance(2)
  • bop(2)
  • business owners policy(2)
  • cyber security(2)
  • business insurance(2)
  • commercial auto insurance(2)
  • auto(2)
  • commercial general liability(1)
  • workers compensation(1)
  • general(1)
  • homeowners(1)
  • compensation(1)
  • rates(1)
  • damage(1)
  • builders(1)
  • collision(1)
  • owners(1)
  • professional(1)
  • credit(1)
  • risk(1)
  • commercial general liability insurance(1)
  • car(1)
  • builders risk insurance(1)
  • workers(1)
  • flood(1)
  • professional liability insurance(1)
  • score(1)

View Mobile Version
Logo
Quick Links
Home Get a Quote Payment Options Claims About Us
Refer A Friend Our Carriers Blog Contact Us Leave Us a Review
Location
6580 Main St
Suite 201
Stratford, CT 06614

Phone: (203) 377-8455
Fax: (203) 375-9938
Social Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder