Your lender will usually require you to have homeowners insurance as long as you have a mortgage of any kind on your property. Even when you fully pay off your loan, however, you should think twice before canceling your home insurance policy. Consider whether you would be able to pay for major repairs—or even completely rebuilding your home—in the event of a disaster. If not, then opting for a higher deductible will lower your premium and increase your out-of-pocket costs for repairs without fully exposing you to the risk of a disaster.