Home insurance is not required by law, but to all mortgage companies have imposed quite homeowner's insurance coverage, otherwise it will finance your home.
Is a measure of security for them to recover their money in case your house burns or other disasters.
If you live in an area subject to flooding the mortgage lender will probably require you to buy flood insurance, which is often not included or bundled with a standard home insurance.
You are not required to have home insurance if you have no mortgage, but you should really consider buying it: if you do not have home insurance you would pay for each repair, or worse for a complete reconstruction.
No need to say that probably could not afford to rebuild your home.
Home insurance will also pay for expenses you must maintain, while their home is being repaired: hotels and other expenses until you can go home.
Buying a home insurance policy is a smart choice, you always wish you never have to reuse, but worth the feeling of knowing that even if your home received major damage, which would be supported by the insurance.
If someone gets hurt on your property can be taken to court: you have to pay for your care and provide income while you recover. Home insurance cover this case.
In conclusion, home insurance is not required by law, but should really consider buying one, the benefits it can have is huge compared to how much it will cost.
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