Homeowners insurance. Has anyone considered just not having it?

I'm currently not in a position to do this as I am carrying a mortgage which I believe requires me to be covered, but I was just wondering about other people's thoughts on going without insurance.

It seems to me a racket that provides very little value for the money. I am sure if the worst did happen I would have to lawyer up anyway to get them to honor their commitment, if it was even something covered. They are in the business of collecting premiums.