That is exactly the point of insurance. You’re betting something bad is going to happen and the insurance company is betting it won’t. In the homeowner example, even if you’re paying $2000/year for coverage you’re not coming out behind if your house burns down and you’re out $700,000 if you didn’t have insurance. In essence, you win at insurance by losing something else but you’re still solvent.
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Climbing about 20,000 feet to get a better perspective, I wonder how much the rising premiums for the property in southern Idaho are due to anticipated greater claims amounts from climate change.
An anecdote from the sunshine state: My aunt and uncle have what I’m sure is a beautiful and palatial house in a suburb of Orlando. (My uncle started and owned multiple businesses.)
My aunt conveys that elevated risks of damage from hurricanes has resulted in them now having a policy with a $250,000 deductible. Reports are that more than a couple of insurance companies have pulled out of the sunshine state altogether.
I’m one of the first to lovingly mock our neighbors to the north - Ligertown, cough - but I’d take the property in southern Idaho over property in Florida, 100 times out of 100.
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Having spent a lot of time in both places, I’m very happy with southern Idaho. (The 12 years of so that I was a software executive in Florida, I was commuting there from Utah, and had only to jump on a airplane to quickly escape as a Hurricane was approaching.)
I’d also be happy with some portions of eastern Nevada 
, western Wyoming, most of Montana, rural/mountainous areas of Colorado, or really a fair portion of the country.
Anywhere that has too many days with high temps above 90, or the temp/humidity equivalent, will not likely never be for me (I.e. Phoenix).
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I have employees who live in Florida and the home insurance market is bananas. It may come soon that they only place people could get any home owners insurance is to buy it from the state.
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Thankfully, they will have the steady hand of DeSantis taking the lead in such an endeavor.
What could possibly go wrong? 
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I can see it now. If you’re eligible to vote, you’re eligible to get state sponsored insurance (now that they’ve purged the voter roles)
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Complete aside: Back when some of the exotic cats escaped from Ligertown my aunt, who lived in Poughkeepsie, NY, called my mother to tell her the Vassar College student radio station was reporting on it. Since obviously anything out west likely has names with Spanish roots, the young lady reported that, “Authorities in the region are still trying to locate a “hag-war” in the hills near “Pocateyo.”
That still makes me chuckle.
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