Is Home Insurance mandatory with Home loan??

[smithmiller6]

Is home loan manatory with home loan. Actually i have applied for a loan from IDBI bank, before approval the loan they are assisting me to take home insurance. they are saying it's mandatory. IS IT SO?

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[chlmortgage07]

Home insurance, also commonly called hazard insurance or homeowner's insurance is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections.

[jnmclane]

Well, I don't know that whether it is mandatory to have a home insurance with home loan. However, I can tell that its important to have a home insurance to live a happy life, even in the most difficult situations.