[Baz]

It's all about risk, in my opinion.

Part of that should be based on specifics.

Do you have the financial ability to fund repairs, if need be - that otherwise insurance would cover?

How stout is your structure....and what type of potential weather issues do you face in your area?

Do you have resources that the average homeowner may not - such as access to friends in the trades (electricians, plumbers, carpenters, etc.) who could help, should the need arise...for less $ than they would normally charge...and perhaps with more personal attention as well?

I also would have to factor in how much the premium is. I went back and double-checked and I'm paying about $2K per year. Multiply that times the 17 years at this location and you have $34K....that in theory could have been put into an emergency fund (cookie jar) - and used for structural upgrades or repairs as needed.

Part of the decision process boils down to just calculations.

Everyone is in a different boat and thus should ultimately make their decision based solely on their circumstances.