As Home Insurance Costs Soar, 6 Million Owners Decide to Skip Coverage Altogether
By:
Pete Grieve
Pete Grieve
Reporter | Joined May 2024
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Editor:
Brad Tuttle
Brad Tuttle
Senior Editor | Joined January 2014
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Olive Burd / Money; Getty Images
As costs rise nationally, more than six million homeowners are reportedly skipping home insurance, which adds up to a total of $1.6 trillion worth of unprotected houses.
A new study by the Consumer Federation of America, an association of nonprofit consumer organizations, finds that 7.4% of homeowners don't have insurance, leaving them exposed to major risks if their homes become damaged. Uninsured rates are much higher for Black homeowners (11%) as well as Hispanic homeowners (14%).
High rates of uninsured homeowners are seen in many rural areas, but specific major cities including Miami and Houston also have elevated rates of 15% and 10%, respectively.
