Don't pay for insurance. Many Banks offer programs where they will take your money and give anything over $100K to various other banks (keeping your deposits under $100K at each bank). The Bank is part of a network and will get money back in return. Many will do this for free, especially with the bargaining leverage you will have with $1M +.
The Bank of course pays to be part of this network, but in return they are able to satisfy their high net worth clients which is worth much more than the few bps they charge.
I work at a Bank and we use CDARS. Read more about it here:
http://www.cdars.com/
Make sure you give them a list of all the institutions you have money at currently. They can select which institutions not to send your $ to.