Typically, mortgage lenders require you to buy . You may not be approved unless you purchase it in the amounts specified by your individual lender. However, it’s legal to own a home without a homeowners insurance policy if you choose to buy without a mortgage loan or inherit your property. Even if you aren’t required to purchase a home insurance policy, you’ll likely want to buy one anyway. This will help protect you, your belongings, and those visiting your home from major expenses, like damage repair, theft, and liability — all of which can get expensive quickly.