""The rising cost of home insurance is one more hurdle buyers have to clear to become homeowners," says Realtor.com® senior economic research analyst Hannah Jones."
""For most people, your home is your most important investment. It's important to protect that investment with insurance," says LendingTree's Rob Bhatt."
A recent study by LendingTree indicates that over 11 million U.S. homeowners, or 13.6%, are uninsured. Rising home insurance premiums, which have increased 33% from 2020 to 2023, are a significant barrier for many potential homeowners. New Mexico leads with the highest percentage of uninsured homes at 23.3%, and some U.S. metros like McAllen, TX, show alarming rates as high as 43.3%. While home insurance is often required for mortgaged properties, many owners opt out due to cost, risking financial security.
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