That they are. Superior insurance, in fact, due to playing in the same conference.
FWIW, the Lakers are currently Lakers insurance as well.
In my case, I dislike the Heat for a number of reasons.
1) the superstar personalities. Lebron coasted his first 5 or 6 years in the league. He was always talented and athletic, but he never put in the work to develop a consistent midrange or post-up game. To his credit, he has put in the work since he lost to the Mavs, but he could have been better while in Cleveland and chose not to be.
Wade is a thug. I don't mind that when it's Reggie Evans thugging it up. He lacks talent, so thugging is what he does to make up for it. Wade has the talent and still reverts to cheap tactics, flops, and dirty plays. That type of play should be beneath him, but it isn't.
2) The collusion. Every small market team fan (and most of the major market fans) should be opposed to the way the Heat came together on principle. It's one thing when a washed up superstar like Malone goes ring hunting for vet minimum salary. It's another thing when three all-stars form cliques to try to game the system and create dynasties. Like Chuck says, it's bad for competitive balance in the league which leads to a dearth of talent in the small markets.