Are you talking about the dust boot over the piston of the caliper? Or is it one of the dust boots over the caliper slide pins (where the bolts go)? I would replace either to ensure longevity of the caliper and proper brake functioning. Both of those can cause long term issues like a caliper seizing on you. This "could" happen a year from now, or 5 years from now. And it may never happen to you depending on your driving situations. But seeing the importance of brakes, I'd error on the side of caution.
Replacing the dust boot over the piston may be easier and more economical to just get a new or remanufactured caliper. Unless you like rebuilding a caliper, and can source a rebuild kit for cheap. To use my '97 Maxima as an example, the reman caliper with a lifetime warranty was ~$30 at Advance Auto. Price for your vehicle may vary, so I'd check several sources.
If it is the caliper slide pin dust boots, a simple brake parts kit from Advance Auto contains new ones, along with new slide pins, pad slides, and anti-rattle clips if equipped. I paid ~$10 for my car. Again, your cost may vary.
Hope this helps.
Dave