ActiveRegulator guidancePrimary sourceSource ID cfpb-ask-162

What is homeowner's insurance? Why is homeowner's insurance required?

Published by Consumer Financial Protection Bureau. Jurisdiction US.

Exactly what this source supports

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Your lender wants to make sure your property is protected by insurance.
claim cfpb-ask-162#c1
A borrower can shop separately for homeowner's insurance and choose the provider and plan that is right for them.
claim cfpb-ask-162#c2
If a lender buys insurance on the home because the borrower did not maintain coverage, that insurance may only cover the lender, and not you, and it also may be more expensive than what you could buy on your own.
claim cfpb-ask-162#c3
Where insurance is escrowed, the borrower makes payments to the lender and the lender holds the insurance portion of the payment in an escrow account.
claim cfpb-ask-162#c4

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What does a lender insurance requirement actually prove?

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Fetched on 2026-08-31. The page shows a last reviewed date of August 8, 2024, recorded here as effectiveDate. Effective: 2024-08-08

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