The magnetic property of the earth is most important for our society or every object present on the earth. Every object on the earth will be affected by the magnetic property of the earth, let's imagine if earth loses this magnetic property. The ultraviolet solar particles will bombarde on the earth and it could be highly affect on the human body, animals and other natural substances.
The physical objects will be floating in the atmosphere without gravity that's why this is one of the serious thing will happen if earth loses its magnetic property. We are using the compass to point the direction but birds having the biological compasses to get the direction to fly and travel from one place to another, if the magnetic property loses then they could face the trouble to find the location.
The technology working on the electromagnetic waves, the communication depends on the magnetic property of the earth, this technology will affected by the loading the magnetic property by the earth.