Sure, but my concern isn't chiefly about the financial consequences. It's more like, if I'm going to buy a tricky $1.5m pad, it's because I like it as a place

Sure, but my concern isn't chiefly about the financial consequences. It's more like, if I'm going to buy a tricky $1.5m pad, it's because I like it as a place to live. So, I don't want my awesome place where I like living to be in such relatively higher danger of being destroyed. Insurance can't replace the satisfaction I derived from it.