If you own a home, homeowner's insurance is a necessity. Although it's not required by law, if you borrow money to buy a home, your lender will almost certainly require that you have homeowner's insurance to help them protect their investment.
Even if your house is completely paid off, it's still a good idea to carry homeowner's insurance to help protect your investment.
In either case, there are steps you can take to avoid overpaying for your insurance coverage.
Check out these tips to help ensure you’re paying the lowest possible rates: