Things can soon change. It only takes one little thing to annoy Tenants and get there back up.
You wouldn't run a disco business by cutting corners and winging it and so on so why run rental properties like it that which can carry much more severe consequences.
If you dont even have Landlords insurance and the place burns down tonight, what will you do ? If a tenant dies in that fire, will you have your backside covered ?
Sounds morbid but these things happen and must be thought about !