Just got my home insurance policy renewal notice, and my annual premium is jumping almost $3,000. I will obviously be shopping, but for the first time ever I'm seriously considering liability only and then putting cash into a savings account to cover storm damage each month. I'm still in a dispute with my insurance on having to pay $21,000 out of pocket on a new roof quoted at $28,000 after hail storms this summer. I'd drop it altogether if the mortgage company didn't require it.