When people have enough money to cover a loss of income, personal property, or the costs of certain expenses on their own with savings or other available cash, they should self-insure.
To determine whether you are able to self-insure something, you must consider the financial consequences of a loss.
Do you have enough money to take care of the situation, your property, yourself, and your family comfortably?
If you are unable to cover your losses on your own, you should think about purchasing insurance if you do not already know where you will get the money.
You can consider self-insurance and decide if you are willing to pay for whatever you have chosen not to insure if you have the means to get the money on your own.
