Do I need insurance on my farm

All the money that my farm makes from renting land on my farm goes to insurance companies. Do I need to have insurance? If I do, why? and say something happened, what would the insurance company do? How much will I be expected to pay. Can't I just save my money, and if something happens, just pay for it with the money I was able to save? Thank you!
Asked Apr 11, 2014

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