is property insurance mandatory 
there are no laws that require you to have property insurance however banks and other mortgage lenders typically require you to insure your property while your loan is outstanding still homeowners insurance is a good tool to protect yourself from potential financial losses if you own your home outright 8the bottom lineproperty insurance is a broad term that includes such policies as homeowners renters flood and earthquake insurance these coverages provide property owners with compensation for loss of personal belongings physical damage to structures and liability coverage property insurance can also provide financial reimbursement to renters in case of damage or theft 