Insurance is all about managing risk. Some insurance is compulsory, for example, automobile insurance for drivers. You might need other insurance as a condition of contract, like homeowners insurance if you have a mortgage on your home. Most other insurance types are a matter of choice, and involve you prioritizing what's most important, within the budget you have available.
Protecting the things you love:
Protecting the people you love:
It may also be worth prioritizing the risks that you'd find hardest to cover yourself. For example, most people would not be able to replace all their belongings after a serious fire.
For other, smaller risks, it might be worth considering putting regular savings aside in an emergency savings fund, rather than taking out insurance.