I did one of those 25 years ago.
The "loser" was the insurance company.
They tried to "wiggle" out of covering it, as the house was built in 1929, and they tried to claim it needed new wiring, roof and plumbing to be insured.
I just waved the policy at them.
The other thing I found out:
At the time, standard (unwriten) policy was to pay you off, then cancel you, and you were on "high risk, high cost" for at least 4 years.
So, I never let them finalize the payout.
They still owe me a bit, 25 years later, and they were [censored] they couldn't cancel me.
After a year or two, I had not had a major claim, therefore they could not cancel me, then they tried to cancel me anyway.
Without my permission, while I was at work, the agents of the insurance company trespassed on my property, and told me since I was storing junk, inoperable motorcycles, they would cancel me.
So, I had a visit with them.....and removed all the CURRENT registrations for said dirt bikes from my pocket, and asked if they would like to see them all run around the property......along with my attorney.
Never seen so much back-pedalling in my life.