It takes surprisingly little time for this method of managing your own risk to work out in your favor.
I have just the opposite experience. $10K or more in device/appliance replacements. I don't worry about taking my phone to a sketchy area since if it gets stolen I don't have to worry about replacing it. When something happens getting a repair/replacement is much simpler with insurance. Every time my Vision Pro, despite all my precautions, crashes to the floor I don't freak out worrying about a ~$2500 repair. Saved a lot of money (actually 100's of thousands with other insurance) but well worth the peace of mind alone.