These can be challenging for homeowners in Oviedo, FL, and elsewhere in the Sunshine State. Home insurance rates are rising, regulations are changing, and you may have fewer options. This, of course, has led to a flurry of questions at Karla Salmon Insurance. One question that we get increasingly is whether homeowners must carry homeowners insurance.

It is not a legal requirement to carry home insurance in Florida.

Unlike auto insurance in the state, homeowners are not legally required to carry homeowners insurance. If a home, however, has been financed and has a mortgage, the lender will likely require the mortgage holder to carry it.

What if I own my Home Outright?

If you do not have a mortgage, you can choose to “go bare” and go without home insurance. This is also called “self-insuring” because you alone will be responsible for the damage your home may experience. Any and all damage from a fire, storm, vandalism, or theft would be the responsibility of the owner.

The Danger of Self-insurance.

While it may be tempting to self-insure a home you own outright in this time of uncertainty and rising costs, it could be financially risky, especially if you don’t have the financial resources to absorb a significant loss.

You may have Home Insurance Options.

You may have options for changing your coverage and even locating a different homeowners insurance provider. At Karla Salmon Insurance of Oviedo, FL, we invite you to contact us to discuss your situation. We may be able to help you avoid having force-placed insurance on your financed home.