Does the Law Require You to Have Homeowners Insurance in Idaho?

A day rarely passes without our Idaho Falls, ID, insurance office receiving a range of inquiries about homeowners, life, auto, or even business insurance. At Insure It All, we are always ready to respond to these queries and often prepare price quotes in the process.

One frequently asked question about home insurance is whether it is a legal requirement in Idaho or not.

The first thing to know is that no state, including Idaho, legally requires homeowner’s insurance. That being said, there might be circumstances where you’re obligated to carry homeowner’s insurance. Here’s why:

Mortgage lenders often require home insurance.

Most lenders and mortgage companies stipulate that you must have homeowners insurance as part of their lending agreement. If you fail to maintain homeowners’ insurance on your mortgaged property, they can apply force-placed insurance on it. This implies they will secure coverage, and you will likely have to cover its cost. Usually, this force-placed insurance is much more expensive than coverage you could get on your own.

Other situations.

There can be other scenarios where homeowner’s insurance could be required.

For example, you might need coverage if you acquire a second mortgage or home equity loan or if you reside in certain communities managed by a Homeowner’s Association (HOA).

Even if you’re the outright owner of your home, not maintaining homeowner’s insurance can pose risks.

Contact us for a free quote.

Frequently, it’s easy to overlook your homeowner’s insurance and its coverage. If it’s been longer than you can remember since you last reviewed your home insurance or received a quote, contact Insure It All in Idaho Falls, ID. We can verify your coverage and prepare an updated home insurance quote for you today.