Can you insure your home yourself?

Answer 1

you can be self insured but legally it will most likely cost you more than buying a policy.

it is not "legal" or illegal to choose a risk management strategy. Likely if you have a mortgage, you will be required to insure the dwelling. If you cannot afford the premium, the mortgage company will at its own cost purchase a policy for you. They will be the beneficiary or "insured" on the policy however.

If you own the home outright, you are free to do as you wish. You will see this put into practice for homes along the coast where insurance is very expensive and the homeowners take their chances.............