In this section, we’ll cover the basic components of insurance needed to provide protection to homeowners, condo owners and renters.

Before we get into that discussion, you should be aware of the circumstances under which you may be required to have homeowners insurance.

Unlike auto insurance, there are no financial responsibility laws or compulsory insurance laws that require you to maintain insurance. If, however, you are the owner of a home or condominium, your mortgage company may require you to have insurance coverage.