1-in-7 U.S Homeowners Uninsured, Report Shows

Nearly one-in-seven U.S. homes are uninsured, and 11.3 million out of 82.9 million owner-occupied homes (13.6%) are uninsured, a new study shows.

A study from LendingTree that used Federal Emergency Management Agency data and U.S. Census data to calculate uninsured rates. It also used FEMA data to examine uninsured rates in the 25 most at-risk counties, which it categorized uninsured homes as owner-occupied homes with annual home insurance costs of less than $100.

The study found New Mexico had the highest rate of uninsured homes at 23.3%. West Virginia (23.0%) and Mississippi (22.9%) were two and three on the list.

Other findings show:

• Among the largest U.S. metros, McAllen, Texas, has the highest uninsured rate at 43.3%. El Paso (23.0%), and Miami (21.0%) followed.
• The counties with the highest National Risk Index scores most at risk are Miami-Dade County, which tops the list at 23.5%. Florida counties of Broward (22.7%) and Lee (17.9%) followed.
• The District of Columbia has the lowest rate of uninsured homes (8.9%). New Hampshire (9.2%), Oregon (9.6%), Massachusetts (9.7%) and Utah (9.7%) are metros others below 10.0%

LendingTree home insurance expert surmised that homeowners in states with high rates of uninsured homes may overlook crucial risks.

“Wind and hail damage is the most common homeowners insurance claim,” he stated. “Of the top three states, this is especially true in Mississippi. Wind and hail damage is covered by standard homeowners insurance in most parts of the country. However, you have to buy windstorm coverage separately in some of Mississippi’s coastal areas.”