A recent report by LendingTree highlights a concerning trend: a substantial number of homes in the United States are without home insurance. The marketplace platform’s analysis indicates that roughly one in seven owner-occupied homes lack this critical protection.
According to the LendingTree report, 11.3 million out of 82.9 million owner-occupied homes nationwide are uninsured. This leaves millions of families vulnerable to potential financial burdens in the event of property damage or loss.
New Mexico leads the nation in the percentage of uninsured homes, with a staggering 23.3% of its 572,000 homes uninsured. West Virginia (23%) and Mississippi (22.9%) are close behind, with 536,000 and 786,000 uninsured homes, respectively.
In contrast, New Hampshire boasts the lowest rate of uninsured homes, at 9.2% of nearly 400,000 homes. This disparity underscores the varying levels of risk and awareness across different regions.
Among metropolitan areas, McAllen, Texas, stands out with an exceptionally high rate of uninsured homes, reaching 43.3%. El Paso (23%) and Miami (21%) follow, highlighting the prevalence of this issue in specific urban centers.
“Insurance has become more expensive and harder to get in recent years,” noted Rob Bhatt, a home insurance expert at LendingTree. “This is putting people just one disaster away from losing the physical and financial security their home provides.”
It is important to note that most lenders mandate borrowers to maintain adequate insurance coverage. The LendingTree report’s conclusions were drawn, in part, from an analysis of FEMA data focusing on the 25 counties deemed most vulnerable to natural disasters. The study also considered an owner-occupied home to be “uninsured” if the annual home insurance cost was less than $100, providing a broad perspective on affordability and coverage.
