In many cases in the United States, homeowners are forced to carry property insurance by law or mortgage contract. Some U.S state laws require their citizens to carry property insurance and some form of liability insurance especially for cars. Let's say you own a house without carrying insurance. You pay your property taxes, so you have every right to use that house for as long as you like. You can rent it out, leave it vacant, live there or sell it. But if storm damage your house or a giant tree falls on your house causing severe damage, you are the one who have to cover the cost of house repair with your own money. 

Many homeowners often have misguided views of what their insurance covers. The causes of property destruction that are not covered are:

The cause must be sudden and accidental. It can not be something slow and accumulated damage over months, or else it will not be covered by insurance. Damage from old age also will not be covered, unless it from storm damage. The typical cause which are covered:

Liability coverage is not well known to homeowners, automobiles owners are more familiar with it. In homeowners case, liability insurance will cover claims which involved third party around your property. For example, your neighbor's house catches fire because you left charcoal grill, the insurance company will pay for the claim. Or you have a guest who is hurt and need medical care while on your property. Another example, if your property is stolen, like a diamond ring, you can ask for reimbursement by providing owner certificate and police report to the insurance company.

You need to know that if you have home business, it will not be covered. Home business like workshop or gallery are typically not covered. You will need separate business policy and its related liability. If you left your house in vacant for 60 days, your property insurance will be canceled by the insurance company. The reason is vacant house have much higher risk of perils like fire or theft. You can purchase an add-on to your policy. If you have expensive jewelry or art that you want to covered, you may need a floater.