When you buy a home you become financially responsible for making mortgage payments. If two steady incomes are required to meet those mortgage payments then ideally, you’d would want to have a life insurance policy in place as a form of financial protection.
The true risks of not having a life insurance policy as a homeowner are that if you were suddenly reduced to one income through the loss of a partner you may no longer be financially able to pay your mortgage. In the worst-case scenario, this could mean you're forced to sell your home. Or alternatively, the bank may take possession of your home and force a mortgagee sale.