Another reason to have insurance: you are required by law, or contract. In the US at least you need liability auto insurance if own a car, you have to pay a tax

Another reason to have insurance: you are required by law, or contract. In the US at least you need liability auto insurance if own a car, you have to pay a tax penalty if you don't have health insurance, many apartments require you to have some level of renters insurance, if you have a mortgage you are almost certainly required to have homeowners insurance, and possibly mortgage insurance depending on the size of your downpayment. And then there is title insurance, rather expensive insurance that you have to pay in case the company you are paying to research the title makes a mistake.