Homeowners insurance is not required by any of the 50 states but it is typically required by the mortgage lender or bank if there is a mortgage on the house. Not only is homeowners insurance necessary for people who own or mortgage homes, mobile houses, townhouses, and condominiums, but renters insurance is also strongly suggested for anyone renting, whether it be an apartment or a house. Depending on the type of policy you obtain, this insurance will usually cover the dwelling itself, personal property, and liability. Depending on your location you may also need to consider additional insurance such as flood insurance.