Study Reveals Millions of Homes Lack Insurance Coverage

A recent study by LendingTree reveals that about 11.3 million owner-occupied homes in the U.S., or 13.6%, lack insurance, making them susceptible to extreme weather events. The research highlights New Mexico as having the highest rate of uninsured homes at 23.3%, followed by West Virginia at 23% and Mississippi at 22.9%. Among major metropolitan areas, McAllen, Texas, tops the list with 43.3% of homes uninsured, followed by El Paso and Miami at 23% and 21%, respectively.

Homeowners in these states are often unprepared for the risks associated with extreme weather, especially from wind and hail damage, which are common claims under homeowners insurance. In particular, Mississippi homeowners may need to purchase windstorm coverage separately in coastal areas, despite the general coverage available in most parts of the country. The study emphasizes the importance of having proper insurance to protect homeowners from potential financial losses due to natural disasters.