One of the things that every Massachusetts home owner is required to have when procuring a loan for a property is to have home owners insurance. Most banks and mortgage companies will not give someone a loan unless their home is insured.
Most loan documents will also give the bank the option of taking legal action against you if you do not keep your home insured. Keep in mind that the lender is not allowed to require you to insure the property for anymore than the replacement cost of the dwelling.
If you are paying cash for a property there is no law requiring you to have insurance coverage although it would be silly not too. After all a persons home is usually one of the biggest assets you will own. Murphy’s Law of course says that without insurance disaster may strike at any moment!