Also is it smart to get insurance for your house? Assuming I will eventually move out after my (future) kids graduate high school?

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Posted by Kevin Lin (MONEY FORUMS: 7, Answers: 0)
Asked on March 11, 2016 10:47 pm
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Home insurance is beneficial in many ways. If your house got damaged due to storm, fire, mold or water than a home insurance policy helps in getting the repair done. However, many people do not think of it as a necessity and often avoid purchasing it so as to save their money. The home insurance does not cover only home, but also your belonging. Few days back my sister who suffered from fire damaged property, filed a claim by taking the help from the home insurance claim adjuster and got the insurance money to repair the damage. So, having a home insurance policy is necessary to cover the damage.
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Posted by BennieSpiker (MONEY FORUMS: 0, Answers: 2)
Answered: July 6, 2017 9:03 am
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If you have a mortgage, you will be required to purchase homeowners insurance. If you happen to buy your house in cash, or once its paid off, homeowners insurance is discretationary.

I have homeowners insurance on a paid off house, and it gives me great peace of mind. Also, I wouldn’t prefer to use close to 100% of my liquidatable assets to pay for a new house in the event of a fire.

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Posted by Hannah Rounds (MONEY FORUMS: 1, Answers: 54)
Answered: March 12, 2016 5:56 pm