Do I need homeowners insurance if my house is paid off?

While not legally required, it's highly recommended to protect your investment against potential losses and liabilities.

Even if your house is paid off, homeowners insurance is highly recommended to protect your investment. Without it, you would be responsible for covering all repair and replacement costs out of pocket if anything happens to your home.

If your house is damaged by a fire and you don’t have homeowners insurance, you would need to pay all repair or rebuilding costs out of pocket, which could be financially overwhelming.

Even if your home is paid off, homeowners insurance is critical to protect your financial investment. It’s better to have coverage in place than risk paying for repairs or replacement out of pocket.