A huge number of Americans have no retirement savings at all [1]. For some of these people who do own a house, selling it at retirement is the only way they can avoid poverty (or at least maintain their quality of life), especially with the possibility of a future government significantly cutting Social Security benefits.
Even those with retirement savings often treat their houses as an asset to be leveraged or sold at retirement to help fund the latter stages of their lives [2].
These are all good reasons to carry property insurance even if you don't have a mortgage on the property that requires it.
1. https://www.cbsnews.com/news/retirement-baby-boomers-with-no...
2. https://www.axios.com/2023/03/11/how-americans-are-using-the...
