No liability insurance is required. PROPERTY insurance, on the other hand, IS required. Most often this is provided under homeowner's policy which includes personal liability coverage -whether you want it or not. You COULD buy straight property coverage -but it is usually more expensive than homeowners.
Skip the PMI coverage if you can put down 20% or more on the home; or, if you can't put down 20%, then have it taken off when your equity reaches 20% or more. PMI pays the lender in case you default on the loan. My opinion. Let them buy their OWN insurance against default -which they sometimes do anyway.
As a side note, it may interest you to know that they very first standardized fire insurnace policy was called the New York fire insurance policy; the coverage invented for New York was copied everywhere else.
Hope you get your house.
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Do you need some kind of liability insurance to get a mortgage?
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