Here's a boo hoo story for you, kind of along the lines of the question (uninsured/underinsured) you were asking, ryan. There's a story of some "investor" who lost his beachfront house in Malibu. He bought it for $19 million. He sank another $7 million into renovations. He was planning on listing it for $44 million this spring. He couldn't find insurance for it on the open market, so he went with the FAIR plan...with its cap of $3 million. He claimed he's still got his mortgage and taxes to cover, though now no golden egg. He's domed.
Edit:
https://www.yahoo.com/news/investor-spent-27-million-mansion-184557553.html