A recent study by LendingTree indicates that over 11 million U.S. homeowners, or 13.6%, are uninsured. Rising home insurance premiums, which have increased 33% from 2020 to 2023, are a significant barrier for many potential homeowners. New Mexico leads with the highest percentage of uninsured homes at 23.3%, and some U.S. metros like McAllen, TX, show alarming rates as high as 43.3%. While home insurance is often required for mortgaged properties, many owners opt out due to cost, risking financial security.
"The rising cost of home insurance is one more hurdle buyers have to clear to become homeowners," says Realtor.com® senior economic research analyst Hannah Jones.
"For most people, your home is your most important investment. It's important to protect that investment with insurance," says LendingTree's Rob Bhatt.
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