When Do I Need To Buy Home Insurance? 
If you are a homeowner you need homeowners insurance . If you are a first time buyer then escrow and the lender will make sure you have homeowners insurance in place at the close of the home sale . If you are already a homeowner then I recommend you maintain a homeowners policy . If your home is paid in full you do have the option of letting the policy go but I would advise against this unless you believe you can afford the replace your home in the event of a total loss . 