If you purchase your home without the help of a lender or you have paid off your mortgage, you could choose to go without a homeowners’ insurance policy—but it wouldn’t be a wise choice. Homeowners’ insurance policies are a safety net, one that allows you to avoid something as devastating as homelessness should disaster strike. Most policies cover not only the physical structure of the home, but also the items inside the home, such as heirlooms, electronics, fitness equipment, and more.Something else that many homeowners’ insurance policies cover is liability. This means that should you end up needing to pay out in a civil suit regarding injuries or property damage caused by you, your family, or your pets, the policy should end up paying it for you. While this might seem to be something you are unlikely to need, it is highly recommended if you have items in your home such as swimming pools, trampolines, or other dangerous items. Additionally, it is one of those things where you are likely better safe than sorry.Depending on your concerns, you may also want to take out special coverage for specific natural disasters. For example, most standard policies do not cover earthquake damage or flood damage. If these are a concern for you, you will need to take out additional policies to cover them. Also, it is important to note that problems related to lack of maintenance on your part are generally not covered; it is expected that you will properly maintain your home.What Are the Risks of Not Getting a Home Insurance Policy?Lexington residents frequently ask us this question because they are looking at their budget and trying to decide what to cut. While we can understand wanting to cut one of the bigger bills you have each year, the potential consequences of this decision are grave. If you are still paying off your mortgage, discontinuing your policy will result in breaking your contract with your lender, which will cost you much more than your insurance policy would. Then you must consider the costs of replacing your home should it be irreparably damaged. On top of that, you will need to replace everything inside of it; just the cost of replacing your electronics could be enough to break the bank. And that doesn’t even get into liability in civil suits, where you could potentially owe millions.In short, even when you are not required to have a homeowners’ insurance policy, you should have one.