You can also do things that are not really "insurance" but reduce your interest rate risk like buying shorter-term assets (T-bills for example), laddering them,

You can also do things that are not really "insurance" but reduce your interest rate risk like buying shorter-term assets (T-bills for example), laddering them, and seeking out depositors that aren't all concentrated in one industry or region. Each of these things reduces your interest rate risk and means lower returns (and therefore "costs money") but is not an insurance product and doesn't really introduce novel counterparty risk.