When it comes to homeowners insurance you were probably required by your mortgage lender or finance company to have a policy. They have a financial interest in your home, if it were to burn down they would be at a loss because they lent you the funds to buy it.
Ultimately if you own your home outright in California you are not required to carry a policy. This is considered “self-insured” because if a loss were to occur the funds to repair damage would come out of your own pocket.
This is never recommended unless you have the finances available to pay-out during a period of major devastation.
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