Insurance is just plain stupid!!

[Rich Weese]

There are posters on this board with the knowledge I need to make a decision and I'm ready to pull the plug. I want the pros and cons on my dilemma.
On free and clear property, is fire insurance a good or bad INVESTMENT?
What are the odds insurance companies use to price your policy?
How often are they paying out on a claim?

I'm spending thousands per year, not to insure the lender (who doesn't exist) but for this nebulous potential return. Should I buy lottery tickets with the money instead? Which has the liklier pay off?

I've owned OVER 1000 sfrs and have had exactly ZERO claims for fire damage. I don't even KNOW of someone who has personally had a fire claim. Yet I pay thousands down the hole every year. I have the funds to re-build if I had a fire without insurance. I have all the liability insurace for falls, etc.
It seems to me that insurance on free and clear property is like life insurance for a single man whose heirs have enough for funeral costs without the insurance.
Anyone have the statistics on the risk? For me, this fire insurance gimmick has been a lousy investment.

Rich