As we have learnt from Katrina and other disasters, it takes a long time and a lot of money to rebuild. If you own a home, it’s worth your while to look for some house insurance. You do want to purchase insurance cover for fire, theft and flooding. Make sure you read the fine print in your insurance proposal or policy to find out what are the exceptions and exclusions.
If you have a car, then you know that car insurance is mandatory. In my opinion you should get the minimum coverage, as car values always go down.
If you have a family, then do consider life insurance. Your beneficiary should also include family members who do not live with you (like your parents or siblings) in case a disaster strikes your immediate family as well (i.e., your wife and children).
The thing about insurance is, you never know when you might need it. But it gives you peace of mind, and think about it as an investment against unforeseen events.