The pilot and his safety pilot were conducting a proficiency flight for insurance purposes. According to the pilot, he began the landing flare too high and the airplane bounced when the main wheels touched down. The safety pilot reported that he monitored the pilot’s remedial action to the bounced landing. According to the safety pilot, the pilot increased airplane pitch but did not increase engine power which resulted in a second bounced landing. The safety pilot then took over the flight controls and advanced the throttle to maximum rpm. The safety pilot stated that he was unable to regain directional control and the airplane touched down a third time, veered left, passed through a fence, and impacted trees. The airplane sustained substantial damage to both wings, the fuselage, and the horizontal stabilizer. Both pilots reported that there were no mechanical malfunctions or failures with the airplane that would have precluded normal operation. Additionally, the safety pilot stated that the accident might have been prevented had he taken over controls and/or called for an aborted landing sooner.