If the questions is, will you go to jail if you do not have insurance? Then the answer is now, except for auto insurance. You lender will require insurance on your house to protect them as well. But if the question is, do you need insurance just like you need other types of savings and protection, then the answer is a resounding yes.
Insurance is designed to protect against major loss. Some insurance is mandatory, like auto insurance. If you have a mortgage on your home, then home insurance is often required by the lending bank. Life insurance and health insurance are optional, however they both offer considerable protection. It is important to become better educated by researching insurance and getting advice from a trusted insurance agent.