My home uses an instant water heater. I installed the water heater only in my master bedroom toilet. I was thinking about this for sometime when I was still doing my renovation. Should I install another water heater in my common bathroom? People might come over to stay and we may need another place for people to shower. ​ I remembered my insurance class in Uni. Risk is classified into a few sectors taking into account the probability vs the cost to determine the best way to handle the risk. So you can, accept the risk and cost, mitigate it, avoid it or outsource it. Insurance is a method to outsource the risk. I would put a chart but I'm overseas so I'll insert a chart when I'm back. High probability of occurrence, low cost Like getting a flu. Don't insure, just go see the doctor. Accept the cost. High probability of occurrence, medium cost Starting a business has ......