Can I Own A Home Without Homeowners Insurance? 
Sure . But would you really want to ? If you have a mortgage , you will be required to have homeowners insurance to cover at least the borrowed amount . If you do n't have a mortgage you do n't need homeowners insurance . But you will need very deep pockets to pay to rebuild your home in the event of a claim along with the requisite demolition , debris removal , architectural fees , permits , and living expenses while your home ca n't be lived in . Oh , and if you do n't properly secure the damaged site and the neighbor kid wanders along and hurts himself in the debris , be prepared to pay lawyers fees , settlement fees and judgment when they sue you . 