This is an age old question.
The good of paying it off
THE MONEY! Now your income can be yours to invest. I'm a big fan of paying off your primary residence so you can have financial freedom.
Some would argue that you can still outperform the mortgage rates on the market or in other investments, such as Tenants in Common or commercial income producing real estate.
Depends on the situation and your temperament.... more
Homeowner insurance is typically required by your lender, whether you want to buy it or not! You might want to shop carefully for the best rate. If you let it lapse, the lender will obtain insurance for you and the rate could be four times as high as a competitive rate you could find by good searching.