I don't want to pay insurance answer

You don't want to buy insurance. You may not have a choice. If your home has a mortgage or you have financing in the form of a lien or lease on equipment then you will be required to have insurance to protect the lender's investment.

If you don't have a mortgage then you don't have to buy insurance. You are now self-insuring for fire, hail, wind and all other bad things that happen to people's houses every day. It is your choice. Most people will still buy insurance because this is likely their greatest asset and they want to protect it and the belongings inside the house.

Consider the impact if you did not have house insurance. If you had a fire which caused a total loss or a major restoration you would have to dip into your life's savings. You would not have the extra money to live somewhere else while the work was being done to restore/rebuild your house. Whatever damage or loss has happened to your contents is now your problem.

The other concern with not having home/tenant insurance is that if someone is hurt while on your property you will have to pay for your own lawyers. The costs to defend yourself in court can be horrendous. What if you lose? Now you may have to sell that house to pay the claim out!

All of the above being true there is still a lot of concern about the rising cost of insurance in a declining economy. If you do have to cut costs then you might want to talk to your insurance broker or agent. Increasing deductibles can save 30% or more. Reducing the coverage is another option. To flat out give up your insurance should be your last resort.

If money is tight then you might look at a monthly payment plan. Some companies do charge a 3% annual fee for this service but it might be the answer to your cash shortage.

Auto insurance is mandatory. You must have at least the minimum limit to drive your vehicle. Be very careful about reducing your coverage. You need to talk to your broker or agent about the consequences of doing so. Your broker or agent has been there for you while times were flush. They should be there to help you get through a difficult time as well. Ask, they want to help.