If you are still paying your mortgage, your lender will typically require that you carry insurance on the home. This is your house, but it's their investment. To lose the home to a fire or other disaster would leave both you and your lender in a bad position. The right policy can make sure both parties recoup their losses. 

A Home Owners' Association (HOA) may require that you carry insurance on your home, but may also help you to pay less for your individual policy. Part of your necessary coverage might be covered by the HOA's plan. It can protect public, shared and common areas of the neighborhood and your own property. 

While you may be willing to cover basic repairs out-of-pocket, costs associated with liability can be far more severe. If someone is injured on your property, leaving them unable to work, you may be held accountable for that and the costs could bankrupt you. That’s why you need coverage. It’s there to aid in your financial security. 

Severe damages from a storm or fire can render a home uninhabitable, even leading to it being condemned. With home insurance you at least have a safety net should this happen. Policies might not only cover repairs, but also help to cover the expenses involved in finding somewhere to stay while a home is rebuilt.