I heard of others doing that was well. Some simply can no longer afford to pay their absurd premiums. -dragnet2
That's a risky financial decision but it's your choice if you own your home without a mortgage. If something happens, I hope you can afford to swallow the "absurd" losses.
Even with insurance, some take a big hit, Many think they’ll come out with enough to replace their existing home.☺ They should read their policies better. The insurance companies use slick lawyers to design those contracts. If they want insurance that covers everything, that’s special insurance...lol..where the premiums really jump.
I am betting on nothing drastic happening to the house.
Not even trivial damage happened to my homes since I bought my first house in 1970. Never collected a penny from insurance company. 52 years of paying premiums. Such waste of money.
Everyone’s financial situation is different. If you can really afford to have your house burn down, or be damaged in a disaster, and not be affected financially by it, then you could justify not having insurance.
If you have enough money to rebuild or just buy another house if your house is destroyed, then go for it.