If you finance your home your mortgage - holder will require that you purchase homeowner ' s insurance. However, here in Louisiana over 94 % of all homeowners who own their home outright - and so are not required to purchase homeowner ' s insurance - still choose to purchase it.
Why would homeowners do that? For the simple reason that a home is the largest and most prized asset that most people own and they are very motivated to protect that asset.
If you live in an area where high winds are likely to damage your home, or where your home is susceptible to flooding you should talk to your agent about special coverage for those two specific perils.
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