"It's a risk" means there's profit in removing the risk. As far as insurance goes, it just reduces the variance. Folks who buy the insurance will take short-c

"It's a risk" means there's profit in removing the risk. As far as insurance goes, it just reduces the variance. Folks who buy the insurance will take short-cuts elsewhere because money spent one place is money that can't be spent another. And, if you're tempted to respond with "but it wouldn't cost much", my response is "then there's no reason why you shouldn't pay that cost." And yes, I have a 120 year-old house that I'm keeping as authentic as reasonable. (I do want electricity and central heat.) What have you preserved with your money?