To have Insurance or not to have insurance?

My students had many sessions discussing insurance(s) and the benefits and yet that it was an 'option'. I had some students who while they were renting their desks they decided to take all their contents home to save on contents insurance however...this backfired on a few students. When a tornado hit our classroom those students thought that they were okay as they had removed their personal items. While i had made it clear that books were to stay in their desks and wouldn't be effected by a natural disaster, what they forgot about was that their Banqer wallet that contained any "cash" bonuses or extra job payments was not part of the exemption there were a few losses. As we only did "cash" banqing on Fridays, any cash they had in their wallets were taken by the tornado - one kid lost over $800 - nearly the cost of purchasing a desk. That was a big learning curve for three of them - needless to say the whole class soon took up the insurance options instead of the risk especially when it is such a big risk. I secretly enjoyed this aspect!