Should We Maintain Homeowners Insurance?

[Mark Millich]

My business partner and I purchased a property in cash recently and are just about to finish up the rehab work. The house is a buy and hold property that we plan on renting out here very soon. Because we didn't finance the house, we don't currently have homeowners insurance. Seems like an obvious question, but do people still maintain home owners insurance even after their home is paid off/purchased in cash?