Usually, yes. If you finance your home with a mortgage, your lender generally requires basic coverage as part of their terms. Regardless, homeowners coverage, same as auto insurance, is a wise addition for just about anyone — and going without it is asking for trouble.
For instance, if the worst happens and a hurricane levels your home (not so hard to imagine after recent landfalls from Irene and Sandy in 2011 and 2012), would you be able to afford a total rebuild out of your own pocket? Or say a burglar breaks in and makes off with your priceless possessions — like that mint-condition Springsteen vinyl in its original sleeve, perhaps — replacing them on your own could be a financial hit you simply can't take.
In the face of unpredictable risks, nothing helps safeguard your family, finances, and future quite like homeowners insurance you can trust.