To insure or self-insure? The question homeowners must answer amid impact of climate change

(The Conversation is an independent and nonprofit source of news, analysis and commentary from academic experts.)

Rick Gorvett, Bryant University

(THE CONVERSATION) No matter where you live, there’s a good chance the weather’s getting wilder. In just the past few weeks, tornadoes have wreaked havoc on Midwest and Southernstates, and large swaths of southern Florida were flooded. Globally, 2023 was the hottest year on record.

In addition to harming life and property, weather-related catastrophes have caused the cost of homeowners insurance to spike. Premiums have risen at rates well above general inflation.

In places such as Florida that are particularly exposed to natural disasters, homeowners insurance isn’t just expensive – it’s increasingly becoming difficult to find. That has caused some homeowners to go without it entirely.

More than 6 million American homeowners don’t have homeowners insurance, according to a recent analysis...