Last summer my area got hard punched by a storm. Part of my roof came off. Hurray for insurance. Got a new high tech foam roof, that’s better insulation. Insurance is nice.
If I never bought home insurance since 1970 when I bought my first home, and put the money in index funds, I would have $150,000 liquid assets. More than enough to cover repair costs. I skipped buying collision insurance for both cars in 1975. I am a safe driver, never had an accident. With the money saved I can buy 2 new cars.
Life has risks. Investing in stocks has risks. I play the game with insurance companies. Ify odds are 100 times better than I get in casinos, I will gamble on insurance.