02-02-2018 12:44 PM
02-02-2018 05:14 PM - edited 02-02-2018 05:15 PM
Hey, I don't think if it is compulsory to continue insurance if you have foreclosed the loan amount.
You should contact your Insurance Company and find out the procedure for cancellation of Policy.
Generally, once the loan amount is paid, Borrowers Liability is over.
Covering Home with Insurance is Important nowadays, but not sure if it is compulsory even if you have paid the loan amount.
Generally, Insurance Company requires few documents for cancellation.
Instead of talking to your bank you should contact your insurance company ask them for the procedure of same.