<prompt> Human: I recently cancelled most of my insurance policies. Next to that, maintenance plans and extended warranties are a thing of the past for me.My savings account has about 20.000 in it and the only things I insure are those that will cost me above 5.000 if something goes wrong. Which in my case is: My house and my body. I also have liability insurance on my vehicles and myself. Having to pay for something that would normally be covered by insurance or a maintenance plan is still a bit painful, but I am literally saving thousands a year now so I am feeling really good about this.What are your thoughts on this?Bit of background: I live in a country where people insure just about anything. Smartphone insurance, extended warranty plans on household items, full coverage on beater cars, travel-cancellation insurance, maintenance plans, funeral insurance. They even go as far as putting insurance on insurance such as a no-claim protection. Getting fully insured and reducing every bit of risk in life is somewhat ingrained in me.  <response>: I only insure things I do not have enough savings to cover. Other than insurance that is legally required... I basically only have lifedisability insurance.My dependants, in total, will need hundreds of thousands to survive without me, and I dont have hundreds of thousands of dollars saved up yet. But whenif I do, then Ill cancel my life insurance at that point.Ive never even considered insuring things that cost less than 5k appliances, phones, electronics, etc. Though I am required by law to have property insurance... so that would cover such things if my residence burnt down. But if I didnt need to have it... I probably wouldnt insure it. 