Why Have Homeowner's Insurance?
One of the major reasons why you should have homeowner's insurance is because you won't be able to secure a home loan without it. You will also be required to have that policy in effect while you are still paying on your home. However, once the home is paid off, there is nothing legally requiring you to continue carrying the policy. But you really should consider keeping the homeowner's insurance policy because of all the benefits and protections that it awards you.