I sincerely do not think this is a good idea. Many people just pay for damages/repairs rather than contact the insurance company. If your house burns down then what? At least you have a buffer helping you find temporary housing & rebuilding.

I wouldn't chance it. We've had our roof replaces twice in the last 15 years because of hail storms and we live in a great area that's low risk. And oddly enough, there have been a few house fires (lightening or electrical??) in our greater community. Homeowners insurance seems like a must to me unless you live in a shack with little to no belongings. 

All part of owning a building, practical or not it seems to be a requirement in most instances.

As far as most repairs go, we do not contact the insurance company, just have our crew go in and get it done.

Fortunately for us, we live in one of those areas that you describe.

That is my thoughts for home warranties.  I do not buy them for myself. 

For home insurance, though, one of my homes burning down would affect my life, so yes, I always carry home insurance. 

As in homeowner's insurance?  It seems like with all insurance we have to have it in case something major happens but if there is no mortgage in place, it probably isn't mandatory to have.

I can't think of any place without the risks of quakes or fires.  I looked at one home in Simi Valley that had a minor fault running right under it and towns like Pine Mountain up there in the Frazier Park area have the San Andreas running right through the center of town!

I would keep my property and earthquake insurance.  Plus the liability/bodily injury protection is always great to have. 

Insurance is like clothing.  In public it's better to be over dressed than under dressed... or not dressed at all!

   Liability Insurance is a must.

    Someone slips on your sidewalk and breaks their hip.  The good old boy you asked to fix the screen door cuts his thumb off with a power saw.  The neighborhood kids climb your fence, one of them drowns in your swimming pool.   You are now the defendant in a civil suit .

  Unpleasant, but these things HAPPEN.  Make sure you are covered, Richie.

If you are so confident that you will not have any problems, would you be willing to remove yourself from the houses that 911 needs to respond to?

I know I wouldn't.

If you think you might have an emergency, you probably need home insurance.

Richie we live in a pretty mild zone and personally we have home insurance just in case there was an electrical fire or a water issue that flooded the home. And we did have our roof damaged by freak huge hail storm back in 2011  and insurance paid for a new one.

I absolutely abhor having to pay for insurance each year but I would more than hate having people set up a Go-Fund me account when my house is destroyed due to fire or something.  I always wonder about those people.  What were they thinking or they believe it is someone elses responsibility when their house burns to the ground?

That is a false sense of security to assume that you live in a "problem free" area as there is no true such thing. Crime, fire and earthquakes are just a few of the natural disasters that can strike and if you lose your house due to a tornado or roof due to wind damage from a severe thunderstorm, the cost to replace would be far more than the premiums.

I can tell you stories of people who did not have insurance (HO or flood) because they thought they lived in an area where they did not need it but learned otherwise when they had three feet of water in their house due to drainage issues or in one case, a transformer caught fire and the wind blew the fire to the house and it burned to the ground.

While insurance premiums are ridiculously high, going without is the wrong place to save money. Take the highest deductible you can if money is an issue and at least you will be able to sleep nights.

Home insurance is necessary because a fire can destroy everything, a flood can occur, someone can get hurt on your property, prove safety negligence and instead of losing everything when they sue, you are covered.

A home warranty is also a fantastic idea, especially as big ticket items become older. You pay the $60 fee in most cases and they repair or replace at value. $60 vs $1,200 for a refrigerator is a huge bargain!

I have insurance out the you-know-what! Why? Because if I need it I want the coverage. 

One exception: Home warranty insurance. 

absent having a mortgage requiring insurance, being self insured is always an option, not necessarily a wise one for most.

"Problem free area"? How can that ever be proven?

I always tell clients resistant of buying flood insurance bc they are not in floodplain 'Mother Nature cannot read a FEMA map' LOL

I have never owned a property without insurance. As for warranties, read them carefully. I am not a fan but had a neighbor contact them so any times for the littlest of things, they finally dropped him and banned him from further coverage. Different strokes for different folks.

Problems are rarely expected but when they appear, protection is typically always appreciated...

Depends on what you have in the bank.
Many 'big water view' homes are self-insured.

A fire can take out the entire property.  Insurance is a write-off anyway.  It's not there for losses that can be handled out of pocket.