Once considered a necessity, more homeowners are skipping out on insurance

    Rising insurance prices and a pull-out of insurance companies from servicing disaster-prone areas are leaving more homeowners without insurance, the Washington Post reports

    Some 12% of homeowners had no insurance in 2022, up from just 5% in 2019, according to the industry group Insurance Information Institute. 

    Among those who own their home outright, it is estimated that roughly 14% are uninsured, with low-income and minority homeowners especially at risk. Among mortgage holders, only 2% opt to go without coverage.

    The trend is driven by climate change and skyrocketing housing prices, which have led to larger payouts by insurance companies over the years, bringing significant price increases. 

    On average, home insurance policies rose 11.3% in 2023, according to S&P Global.

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