Is property insurance really necessary? Liability insurance?

[Andy Bui]

Hello Everyone,

I am new to this forum, wanted to say hello to everyone. I have been buying and selling rental properties for the last 8 years. I am to the point where I have rental properties that are paid off. I have 12 that are paid off at this time.

Do I really need to buy property insurance to protect the rental properties in case of fire, wind or storm? or should I save that premium on the side in case nothing like that happens. What are ya thoughts on liability insurance?

Andy