This whole insurance business is a complete rort. At our airport aircraft owners own their hangars and the airport owns the earth they sit on. The airport forces us to insure our hangars. My aircraft is insured and the airport won't allow us to store fuel in the hangar. I see little risk of my hangar nipping out and attacking a passing aircraft or doing any other damage so why can't I decide whether to insure or not.
The airport itself carries insurance so why the need for every individual hangar to have compulsory insurance? There is nothing like compulsory insurance to make insurance companies rub their hands together and pluck a large number out of the air.
The airport would have 3rd party property and personal damage included in it's insurance and no doubt part of that cost is included in our annual rent for our small piece of land. It should be none of their business whether the hangar owner chooses to insure the building or not.
With car insurance we have a compulsory component and an owners choice component. Why the hell does aviation have to be different?