Study finds 11.3 million U.S. homes uninsured

A new study by LendingTree reveals that nearly one in seven homes in the U.S. lacks insurance, putting many homeowners at risk from natural disasters. With rising premiums making coverage unaffordable, many have chosen to go without protection. The study shows that 11.3 million of the 82.9 million owner-occupied homes in the country are uninsured. This accounts for about 13.6 percent of all homes. States like New Mexico, West Virginia, and Mississippi have the highest rates of uninsured homes. In fact, McAllen, Texas, leads the major U.S. cities with 43.3 percent of homes uninsured. Natural disasters like the recent wildfires in Los Angeles highlight the importance of having insurance. Many homeowners who had coverage were able to rebuild their properties after losing everything, while others faced significant financial loss. Florida, which has struggled with high insurance premiums due to various factors, and Texas, facing more wildfires, are among the states most affected. LendingTree's insurance expert emphasizes that a home is often a person's most significant investment, making insurance crucial for protecting that investment. The study warns that over 11 million American homeowners are now vulnerable. In the event of a disaster, being uninsured could mean needing to take loans for repairs or selling damaged properties at a loss, further threatening their financial security.