do you need homeowners insurance if you don't have a mortgage in 2022?

Last Updated: 20 January, 2022

According to Data USA, the current homeownership rate is 63.8%. This percentage is about the national average of the U.S. Likewise, in the state, the median property value is about $189,900. Compared to the national average of $229,700, this amount is cheaper. Wondering, do you need homeowners insurance if you don’t have a mortgage? Well, legally, you can own a home without homeowners insurance. Owning a home in Alabama might be less expensive. But it’s important to learn about home insurance replacement cost estimator and get a good homeowners insurance policy. If you’re looking for this policy, here we have a list of the best homeowner companies you can contact.

best home insurance companies atlanta

The Best Home Insurance Companies Explains Do you need homeowners insurance if you don’t have a mortgage or not?

We’ve referred and reviewed ratings from the J.D. Power & Associates 2020 Home Insurance Study to curate this list. Next, we considered the policy coverage options that one can get within the state of Alabama. Only then, we narrowed down the list to these final four by comparing the premium rates and other policy options. Also, if you’re interested you can have a look at our blog on best home insurance companies Tennessee, if you live nearby.


do you need homeowners insurance if you don't have a mortgage


Allstate may be the most popular for selling vehicle insurance. However, it offers comprehensive home protection policies too. Allstate offers basic coverage, along with some add-on coverage/policies, like Host Advantage® for Airbnb hosts and flood insurance. In case you’re hoping to set aside cash, Allstate offers various discounts as well. You can discounts if you have an anti-theft device installed in your home, are retired, are a recent home buyer, or live in a smoke-free home.


Chubb offers numerous perks and specializes in coverage options for high-value properties to its clients. Moreover, the company’s basic coverage includes replacement costs for both your home and your belongings. Likewise, there are extra coverage options like the HomeScan, which examines your house and sends you alert notifications for various reasons. Of course, this will cost you a great deal of money. But if you own any higher-value property, your choice of company should be Chubb.

 Country Financial  

Country Financial has a different and unique approach to homeowners insurance as compared to other companies. It offers insurance in three tiers. The first one is basic coverage, the second is premier coverage, and the third is combined coverage. As such, if you go for the premier coverage, you get access to special coverage. However, if you want additional endorsements, Country Financial also offers those.


Progressive has some of the most comprehensive coverage options you can get in the U.S. Its prices are competitive yet affordable and value for money. Similarly, the company has a great mobile app and a highly functional website. Moreover, it offers services like accidental loss coverage and extended replacement costs to its policyholders as well. The only issue with Progressive is that it farms out the policies to a network rather than writing its own policies.

You may also get ideas for selling insurance policies from an independent insurance brokerage or an insurance agent brokerage firm. They’ll help you get through the whole process which includes information on cyber security insurance. 

Thus, this is our list of 4 best homeowners insurance companies in Alabama. But plenty other insurers have various coverage options that you can choose from. Make sure you keep in touch with a local insurance agent. 

Frequently Asked Questions

If you pay cash, would you need homeowners insurance?

The truth is that if you own your house and don’t want to pay for it, you are not legally forced to get homeowners insurance. You might potentially save money by canceling your homeowner’s insurance policy right away.

Is homeowner's insurance worth the money?

If you already own a house, it’s likely your most valuable possession, which is why you should insure it. Homeowners insurance covers the loss or destruction of your home and its contents. It can also protect you financially if someone gets hurt on your property.

Is a mortgage the sole option when purchasing a home?

Although mortgages are a frequent means to buy a property, you can only acquire one if you meet the requirements. An adequate credit score, a substantial down payment, and meeting a bank’s income and employment requirements are among the prerequisites. The good news is that getting a mortgage isn’t the sole option for buying a home.

Why is homeowner's insurance so costly?

The cost of homeowners insurance varies by state, but it is on the rise everywhere. In addition to industry-wide price hikes, your house insurance estimates may be high due to your credit, the age and value of your property, the type of construction, location, and exposure to disasters, among other considerations.

best home insurance companies atlanta
best home insurance companies atlanta

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