> Not getting insurance doesn't make this cheaper really as you'll just lose your property completely every few years

It sounds a bit like the "Boots theory" of Discworld [0].

> insurance rates are often highly subsidized by federal government and actually a really good bargain

This feels a bit inconsistent with your previous comment about living in Tornado Alley being "not exactly a bargain".

What do you think about studies like this [1] which find a correlation between economic disparity and tornado risk?

[0] https://en.wikipedia.org/wiki/Boots_theory

[1] https://www.sciencedirect.com/science/article/abs/pii/S01660...

I've also heard anecdotes of people draining all their savings/retirement accounts to buy property in uninsurable areas of Florida because they can't get a mortgage. I don't see that working out well long term.