7% of U.S. Homeowners Lack Property Insurance Due to Cost Barriers

A recent study by the Federal Reserve reveals that approximately 7% of American homeowners lack property insurance, primarily due to affordability challenges. High premiums are a significant barrier preventing widespread coverage adoption among this demographic. This gap in property insurance coverage poses risks for homeowners and has implications for the broader insurance market and regulatory environment. Understanding the cost factors and market dynamics behind uninsured properties is critical for industry stakeholders aiming to address coverage accessibility and regulatory compliance.