[benjaminwootton]

I pay £30 a month to insure an £X00k bill if my house develops a catastrophic problem. That’s +ve EV regardless of the numbers because the risk avoidance has “value”.

[sokoloff]

It’s +EU (expected utility), but probably not +E$ (expected money). Traditionally, EV is talked about as E$, not EU.

When you bring in peace of mind and avoiding risk of ruin, those are utility concerns (which make purchase of -EV insurance sensible in many cases).