You may know that you’re not legally required to carry home insurance. If your home is paid off, you’re generally free to buy insurance or drop it at your own discretion.
But, there may be instances where other parties insist that you carry insurance. This is generally a contractual obligation. This means that if you were to, say, start a work-from-home franchise in your house, your parent company could require that you carry home insurance, and you would either have to buy insurance or end the working relationship.
On a contractual basis, pretty much anything that is legal can be included in the contract. If a contract says that you need to paint your house pink, then you are obligated to paint your house pink.
These may be far-fetched examples, but here’s what is not far-fetched: Your Homeowners Association will almost certainly insist that you carry some form of home insurance at your own expense.
If you own your home, if your home is situated on private land far away from the governance of the nearest HOA, if you haven’t signed a contract with anyone who has any influence on how you manage your own household, you’re free to do as you like. And you’re free to pay the expenses out of pocket should something happen to your home. So even when you have no legal or contractual obligation to insure your home, you still have an obligation to yourself to do so.
If you’re still shopping around for insurance in Little Falls, MN, get in touch with Hanneken Insurance Agency Inc. Hanneken Insurance Agency Inc. can connect you with the policy you need to protect your own little corner of Little Falls, MN.