More homeowners going without insurance
According to a 2023 estimate from the industry group Insurance Information Institute, 12% of homeowners had no insurance in 2022, an increase from 5% in 2019.
Most uninsured homeowners are those who have paid off their mortgage and are no longer required to have insurance. Among those who own their home outright, the Consumer Federation of America estimates about 14% are uninsured, with low-income and minority homeowners especially at risk. Among mortgage holders, only 2% opt to go without coverage, according to estimates.
Experts say this trend is driven by skyrocketing housing prices and the escalating threat of climate change, which has forced insurers to make larger payouts. Both trends are pushing the cost of policies up. On average, home insurance policies rose 11.3% in 2023, according to S&P Global.
Some insurance providers are also pulling out of disaster-prone areas as a result of rising payouts, leaving former policyholders with fewer and more expensive alternatives.
Read more: The Washington Post
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