Generally, lending institutions require it if you are financing the purchase, but if not it's up to you. Past experience I have had is the lender's policy is very priced low for THEIR COVERAGE, figuring you are going to buy it too. If you decline, the lender still requires it and the closing amount you are required to pay is drastically increased and it is still only covering them.
Also in some states (TX) the price of the policy is dictated by the state.
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Wisconsin, Illinois, Oklahoma, Texas and now TV!
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