When you invest in your own home, and choose to not take out Mass home insurance
,
you risk losing your house and the possessions inside of it. A fire, theft, hurricane, or another tragic event could happen. Most likely, your lender will require you to purchase some form of home insurance to protect their investment in the event the home is damaged or destroyed unexpectedly. Once your loan is paid in full
, it is at your discretion to keep the insurance or not. However, you leave yourself open to paying for costly damages if you decide against it.