Professional landlords: Lowest insurance costs possible

[Nicholas Nicastro]

I feel like insurance on my business/rentals is a complete scam. I feel rushed each year (partly my fault) to renew for an entire year, and then I feel like I have completely overpaid. 

Our business model is such that we control expenses and never plan to use insurance for anything under say $20k - and never have in the past (we own a maintenance company and keep our homes in great shape - insurance would literally only be for an "act of god" type thing - we handle everything else very cost effectively.) 

Am I right to think that coverage should be simply for what we owe the bank and not a penny more. I am wondering if I screwed this up and gave a bad directive and now we are being charged too much unnecessarily?

As a victim of a house fire myself, I understand the importance of some insurance but presently between property coverage, General Liability and Umbrella, costs through the roof. 

I am curious what other professional landlords think when it comes to insurance?