Can You Own A Home Without Home Insurance? 
Homeowners insurance is not a requirement other then a requirement by a lender to protect their investment . If you own the home outright then it is within your right to be able to self insure if you wish . If you have the means to cover a potential catastrophic loss by all means self insure if you are comfortable with the risk involved . Most of us are not able to assume such a high risk , so even if the home is paid for I would still prefer to carry insurance on my largest investment . 