Hawaii is home to the fearsome Formosan termite as well as flying termites, and they never have to deal with freezing weather. They hardly have to deal with dry weather, either.
Yet we've never carried a termite bond or termite insurance or Terminix treatment.
Instead we practice good housekeeping on both of our properties-- we slope the soil away from the house, make sure the foundation concrete is surrounded by a small plant-free gravel border, keep the siding at least six inches above ground level, and make sure the downspouts are really moving the water away from the house. We check the foundation quarterly for tunnels.
In 25 years we've had exactly two infestations. One of them was our own darn fault for building a compost bin out of pallets made from untreated lumber, and the termites moved over to our storage shed. The second infestation was a termite tunnel that we removed as soon as we noticed it (less than 89 days). Once we removed the tunnel, the termites inside the house died off.
The storage shed cost $250 to repair. The second infestation went into some studs and a beam over an entryway, but the lumber was still doing its job. The only reason we even noticed it was because we demolished the room for a renovation, but otherwise we wouldn't have had any problems for years-- maybe even decades.
If you're building a house then it's probably worth including whatever miracle treatment is available at the time-- perforated tubing under the foundation to soak the subsoil with Termidor, or a good Termidor spray around the perimeter after you landscape.
I'd never tent or fumigate a house. I wouldn't bother paying monthly fees to anyone.
It's cheaper to develop good habits and to take the risk of the occasional repair.
Our next-door neighbor is a poster child for thoughtless spending and working the rest of his life. He's paid for Terminix in-ground bait-trap monitoring for the entire 14 years that we've lived here. He's never had a termite infestation in his house, but he did find some in a potted tree on his back lanai. The Terminix people never found anything in the traps, but he's still paying them whatever their monthly fee may be. He has no evidence that the monitoring is working, but he's willing to pay them the price of a dozen treatments just to make sure that he won't have to pay for any treatments.
When I tell him that the traps are effective against white elephants and land sharks, too, he thinks I'm joking.