Not required, but highly recommended.
You might be tempted to give up your home insurance once you’ve finished paying your mortgage and your bank no longer requires it. Plus, unlike car insurance, there’s no law forcing you to carry a policy for your house.
Still, your home is more than likely the most expensive (and most cherished) asset you own. You should continue to protect it even when you’re no longer required. If you really want to cut on insurance costs, consider increasing your deductible and reducing coverage.