Why Do I Need Homeowners Insurance? 
Let me put it to you this way , if I may . If you do n't have a mortgage -LRB- which would require you to have and maintain a Homeowners ' policy -RRB- , and you are fortunate enough to have the complete financial where with all to fully rebuild your home if it were totally destroyed , and fully replace all of your belongings at the same time , you do n't need Homeowners Insurance . LIkewise , if you were financially sound enough to settle any law suit that might be launched against you as a result of the serious injury or death of another person or damage to their property caused by you and for which you are then legally liable , you do n't need Homeowners Insurance . Talk to your Insurance Professional . A well thought out and executed Homeowners policy would provide coverage for you for these types of potential losses for literally pennies on the dollar . Why do you need it ? The question is why would you not want it ? 