![]() But if you need to use a mortgage loan to help facilitate your purchase, you’ll probably be required to have at least a basic homeowners insurance policy.Īs in most states, banks and mortgage lenders in California require borrowers to have homeowners coverage prior to closing on the home. So, from a legal standpoint, you are not required to have a homeowners insurance policy in the state of California. Home insurance is not mandated by state or federal law. ![]() Home Insurance Needed for a Mortgage Loan You’ll need dwelling coverage at a minimum, and possibly liability and personal property coverage as well. Banks and lenders want to be sure the property is protected, since they have a financial stake in it. While the state of California does not require homeowners to have a home insurance policy, most mortgage lenders do. So we have created a guide to address these and other questions relating to homeowners insurance coverage and mortgage financing. These are common questions among first-time home buyers in the Golden State. ![]() ![]() Do I need to obtain a home insurance policy to qualify for a mortgage loan in California? And if so, what type of insurance coverage do I need?
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