Now that I actually do have enough money in the bank to replace the big stuff if it was destroyed.....I sure as heck don't want to spend it that way! I have many other more enjoyable uses for that money than rebuilding my house out of my own pocket.
Poor folks are notorious for not being insured; they can't afford the premiums and/or choose to use the money for other things, and then they just hope nothing happens or that the government will step in to help if it does. Believe me I sympathize and can also empathize, but it's a heck of a way to live. Rich folks are always insured to the hilt.
But hey, I'm a strong believer that folks should do whatever they want (as long as it doesn't hurt anyone else). Odds are I'll never need that tractor insurance but I'm glad it's there, especially with tractor theft on the rise. No desire to pay for my tractor twice. YMMV