Virtually all mortgage companies require that borrowers have proper coverage for the full or fair-value cost of a property (typically the purchase price) & they usually won’t make a loan or finance a residential real estate transaction without proof of it. Though, when people shop around for home insurance, they may not need only one type of coverage. Yet, With a variety of coverage options, you may benefit from, or even be required to, a multi-coverage approach. No matter the situation, the bottom line is that Whether you own the property or you’re renting it short-term, having insurance coverage to guard against disasters & losses is a must.