Buying a house is a process that involves numerous steps and careful consideration. While researching how you’re going to finance your new property, you may come across several sources stating that your mortgage lender will require you to get home insurance to secure your funding. But, prospective homeowners may wonder, is this necessary? Do you have to buy home insurance to purchase a home? Let’s delve into this topic to understand the general rule of thumb. When you’re ready to purchase a home insurance policy, Ed Thompson Insurance Agency in Omaha, NE, will be here to help you secure the right policy for your future property!

Is Home Insurance Necessary for a Mortgage?

So, can you secure a mortgage without purchasing home insurance? It’s highly unlikely. Much like you’re investing in a new property, a mortgage lender is investing in you and wants to ensure that they don’t lose the money they’ve given you along the way. If something happens to your home and you find yourself unable to pay for the damages, it can quickly result in foreclosure. Mortgage lenders have to protect their investments, which is why home insurance is often required to provide the necessary coverage for any damages. Getting a mortgage without home insurance might only be possible if you can fund most or nearly all of the homes yourself, but that’s not probable for most homebuyers.

Secure the Necessary Insurance to Buy a Home with Ed Thompson Insurance Agency

We’re on your side if you’re ready to buy a home and protect your property. Start with the Ed Thompson Insurance Agency team in Omaha, NE. Compare quotes with our help today!