It seems to me however that in our modern age that if there really is a total collapse of the dollar then we would be in dire times.  

Even if the well has collapsed, you can have the right well contractor drill out and insert a liner in the well at 1/3 of the cost of drilling a new well.   

Fire X Lightning X Explosion (includes Sonic Boom and Water Hammer) X Windstorm and Hail X Smoke X Aircraft and Vehicles X Riot or Civil Commotion X Volcanic Action X Sprinkler Leakage X Sinkhole Collapse X Vandalism/ Malicious Mischief Where Special Form covers all of these plus a few others you may want.Falling ObjectsWeight of Ice & SnowWater DamageTheftCollapseThere are many cases where going with Basic Form makes sense and other where Special Form may be a better choice. 

Or should I hold my cash and wait for the next collapse.

I went a period here after the bubble  without ownership of property and have just closed on my 4th deal ever and my first property since after the collapse. 

Transfer a valuable property to yourself for free and you might as well collapse your corporation and hold everything in your personal name, you no longer have any liability protection. 

Depending on the market, it might be a good place if there is strong appreciation with little or no sign of economic collapse.

Oh, yea, there's not been a collapse in property prices during an election year since most can't remember when...

Personally, I believe the 2% rule was created when homes were still cheap after the economic collapse - now its very hard to find in any market. 

Saw the market grow, collapse and now growing again.Mark