And you cannot afford to let anyone be injured by your property. Most people do carry property and liability insurance. Sometimes this is motivated by the law. The law requires you to carry liability insurance in case you injure somebody with your property. Usually, people will get talked into insuring the property itself at the same time.
Lenders often require insurance of the property.
They want to be sure property they have loaned money against is protected. They had borrowed for a lot of things and were stretched pretty thin. So thin that when the insurance renewal came due ,they did not pay it despite common sense and the requirements of both their lender and the state. One night, while on his way home from a second job, he dozed off and hit a parked car. Fortunately, his injuries were not serious, but both cars were totaled.