I was being a little facetious with my example; the point is that home insurance includes more than loss insurance for the cost of the actual structure

This forum can't take a joke or read intent at ALL -- bunch of fucking stiffs

"self insuring" a house that's not built to code is like driving a car without insurance because you finished paying it off. If someone is harmed by your property and you don't have accidental death and dismemberment liability insurance you are f. u. c. k. e. d. fucked.

Even in a wet area, wood has the nice property that it usually (but not always) starts to feel unsafe long before it falls over and hurts someone. Unless there is a storm - tornado resistance is very hard and needs the best engineering (which code enforces)