Slightly more than 7% of U.S. homeowners are opting to forego insurance, leaving an estimated $1.6 trillion in property value unprotected from floods, hurricanes, wildfires and just-as-calamitous secondary perils, according to the Consumer Federation of America (CFA).
This news comes on the heels of reports that 34% of Americans are finding it more difficult to afford home insurance today.
In total, around 6 million homeowners are "going bare," or going without property coverage, the federation noted, adding this problem is likely to get worse in the coming years.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
