Saxien, I admire your insouciance, but what happens if something seriously screws up?
I would never have a house without insurance on the house, for example. Everything is fine today, the city is still standing, and the sun is shining. But tomorrow it could change. You have the insurance policy, because without it, you might lose your shirt if something bad happens.
For personal examples, I met a Latvian guy who lost all his savings twice. First time, hyper-inflation, and everybody's savings became worthless. The second time, banking sector insolvency, all savings wiped out. The government can prevent this when it's a trickle, but a flood can't be stopped.
Or consider Argentina -- I was on holidays in the region last year, it was among the richest countries in South America. This year, poverty and dramatic drop in the standard of living.
