1 in 7 Homes Lacks Insurance as Premiums Soar

A recent study by LendingTree has revealed that more than 11 million homeowners in the U.S. are without home insurance, which is about 13.6% of all owner-occupied homes. This alarming statistic highlights the challenges posed by rising home insurance costs, which have surged by 33% from 2020 to 2023, averaging $2,530 annually. Many potential homebuyers are already stretched thin in today's expensive market, making it difficult to afford home insurance.

Particularly concerning is the data from New Mexico, where the uninsured rate is the highest at 23.3%, followed by West Virginia and Mississippi. In major U.S. metros, McAllen, TX, tops the list with an uninsured rate of 43.3%. The study also points out that many homes in high-risk areas for natural disasters, such as Miami-Dade County, are uninsured, further exacerbating the risks faced by homeowners.

Experts emphasize the importance of protecting homes as vital investments, especially considering the rising costs and risks of natural disasters. With many homeowners choosing to forgo insurance to save on monthly expenses, they expose themselves to significant financial and physical risks in the event of disasters.