To Insure or Not to Insure?

[Linda Pasas]

Hello fellow BP friends,

I am frustrated with my property insurance and was hoping someone could guide me in the right direction.  I bought 8 out of state rental properties within the last year and have insurance on all of them.  I had two frozen pipes that caused substantial damage this last month and neither were covered under my insurance.  Since I paid cash for these properties, I'm not required to have insurance.  I'm considering letting it expire when it's up for renewal and just getting a liability policy or umbrella policy.  I've been taught to always insure but if it's costly and doesn't cover claims, what is the point?  Does anyone have advice on this?  Thank you.