Property insurance on paid for rentals

[Tj M.]

For those that have paid off rental properties do you keep insurance on them? I have several small cheap rentals and owned them for 7+ years and never made a claim. Now that they are paid off I was considering not keeping insurance on them. I could afford to rebuild them if something happened. I just hate paying insurance payments. Has anyone gone this route or I am a complete idiot?

[Todd Rasmussen]

@Billy Smith

It's absolutely legal to not carry insurance on a house. Most people are contractually bound to a lender to maintain insurance on their property, but there is not a law requiring it.