I took the "property plunge" a while back, but in a limited sense. We're leasing out our previous home and offices we don't use in our office suite.

We can afford the rent insurance, but the value isn't compelling given the cost. If the cost was $200-$300 a year like yours, I'd do it in a heartbeat, but in the US it's higher by a large factor, about the same as the property management cost.