The problem with insurance as protection is no honest person can ever afford to actually file a claim. Insurance is so mathematically disadvantaged against you, that it's more or less useless for anything less than a loss limit claim.
Example: homeowners, deductible $500. Thief steals your $1000 bike. Do you file a claim to get $500 of your loss covered? And now insurance claims get reported to an Equifax type service except for insurance, so it's likely not only your homeowners, but your auto and other insurance may also go up.
Now what if instead of stealing the bike, they just stomp on your Ksyriums. $400 cost to rebuild. How covered are you for that?