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As if owning a house weren’t expensive enough these days, the price of homeowners insurance has been skyrocketing. The average U.S. homeowners insurance premium rose over 11% in 2023, according to the market intelligence firm S&P Global. That’s more than three times the overall inflation rate. And as climate change leads to more costly hurricanes, fires and floods, prices are likely to rise further.

It’s enough to make some people give up on insurance entirely. In fact, millions of American homeowners have done just that, going without insurance and saving up to pay the full costs of any disaster that may befall their home.

To the risk-averse among us, that may sound terrifying. But Rick Gorvett, an expert in actuarial science from Bryant University, says so-called “self-insurance” can be a sound strategy for some homeowners. And it’s likely to become even more common.

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Tracy Walsh

Economy + Business Editor

Home, risky home. Guven Demir/E+/Getty Images

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

Rick Gorvett, Bryant University

Homeowners insurance is so expensive that some people are going without it.

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