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protecting your physical property against loss. If your home burned down tomorrow is that no sweat to you? if not you could self insure (also assuming you have no mortgage). Also homeowners protects you and members of your household who are your relatives against claims of negligence. The cost of insurance is generally worth it - although coastal communities are probably Wrestling with this question. Insurance is the transfer of risk plain and simple. If you want to retain the risk - you can go without it.
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