I'd think long and hard about that "strategy", sounds like a recipe for a future disaster for you and your family. It sounds like you need a better agent that can recommend some cheaper options if you want to do more coverage from your wallet, like high deductibles for one.
Burn your house down (not on purpose!) and you'll get your money back, in spades. When it blows over in a high wind or a tree blows down on it, you'll get your money back. Don't think that the wind will never get you, we had a hurricane in Ohio a few years ago, so anything can happen! If you self insure, make sure you have enough to cover the worst thing that can happen, which for a home is the total loss of the building and all the contents in a fire. I've seen too many that thought like you do and were never able to rebuild and had to start completely over in life or go out of business, if a commercial risk. With homeowners ins. you get liability too. Do something stupid, on purpose or accidentally, someone else might own your property after the lawyers get done with you.
Contrary to popular belief insurance companies do not make astounding profits, sure the numbers are big because the big ones operate in a lot of states and cover a lot of people and business. Profit after expenses and loss payments is actually rather small, on the order of just a few percentage points. Sometimes there is a few points to be made on investments, many times not, because investments have to be very conservative.
Insurance is one of the most regulated businesses in the country, so they aren't out here free wheeling it and charging premium willy-nilly. The coverage you buy, the premium you pay and how your claim is handled and how fast it's handled is all regulated.
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Today's Featured Article - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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