The past
In the olden days of the pioneers, there was no such thing such as health care and Home insurance. A tornado comes along and wipes out everything; you borrow or sell something to re-build. And it goes on and on till you’re broke and have to live out on the streets. Nowadays, society has evolved many rituals and measures of protection such as insurance which is something that you pay for to get something in case you need it fast. Insurance gives you the power to get what you want when you need it the most.
Say a burglar robs your house and breaks a couple of doors plus a couple of windows to go with it. Your home insurance can cover the repair and replacement costs of the said damage with you shelling out only a couple of bucks instead of having to shoulder the whole amount.