LendingTree: 13.6% of Homes Are Uninsured

(Image courtesy of Lending Tree; Breakout image courtesy of Erik Mclean/pexels.com)

LendingTree, Charlotte, N.C., reported approximately one in seven homes across the U.S. are uninsured.

That adds up to 11.3 million out of 82.9 million owner-occupied homes, or 13.6% across the U.S.

LendingTree classifies uninsured homes as owner-occupied homes with annual home insurance costs of less than $100.

By state, New Mexico has the highest rate of uninsured homes, with 23.3% not covered. West Virginia is at 23% and Mississippi is at 22.9%.

LendingTree Home Insurance Expert and Licensed Insurance Agent Rob Bhatt gave some examples of the issues lacking coverage can cause. “Wind and hail damage is the most common homeowners insurance claim,” Bhatt said. “Of the top three states, this is especially true in Mississippi. Wind and hail damage is covered by standard homeowners insurance in most parts of the country. However, you have to buy windstorm coverage separately in some of Mississippi’s coastal areas.”

Washington, D.C., has the lowest rate of uninsured homes at 8.9%. New Hampshire is at 9.2%, Oregon is at 9.6% and Massachusetts and Utah are tied at 9.7%.

By metro area, McAllen, Texas, has the highest rate of uninsured homes, with 43.3% uninsured. The No. 2 metro area for the metric is El Paso, Texas, at 23%. Miami is No. 3 at 21%.

In terms of metro areas with the lowest percentage of owner-occupied homes deemed uninsured, Portland, Ore., tops the list at 7.7%. Next is Washington, D.C., at 8.6%, and Allentown, Pa., and Oxnard, Calif., at 8.7%.

While disaster can strike in many areas, some are more prone to various issues than others. In terms of the 25 counties with the highest National Risk Index scores, Miami-Dade County, Fla., has the highest uninsured rate at 23.5%. Next is Broward County, Fla., at 22.7% and Lee County, Fla., at 17.9%.