Is home insurance required?
Rules relating to the mortgage market says that it is not compulsory to takeout home insurance to sign a mortgage loan. Despite the fact that the Bank offers it,we have the option not to access such contracts. On the other hand, the fire insurance is compulsory for those mortgages whose owner is the Bank.
Despite this, even though we have the house already paid, it is highly recommended to have home insurance, mostly for public liability towards third parties.