Choosing not to carry home insurance means you assume 100 percent of the financial risk for any damage, destruction, or liability claims involving your property. If a fire, severe storm, or major plumbing disaster destroys an uninsured home, you face the total loss of your housing asset out of pocket. Furthermore, if a visitor is injured on your property and sues, your personal savings are entirely exposed. Note that if you hold an active mortgage, lenders legally mandate continuous coverage and will force-place an expensive policy if yours lapses.
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