Due to rising homeowners insurance cost, more and more homeowners are choosing to forgo getting insurance.
Homeowners insurance is required in many states, particularly when you have a mortgage, but not every homeowner has the insurance they need. More than six million homeowners in the U.S. don’t have homeowners insurance, according to a Consumer Federation of America report. An estimated 7.4% of all homeowners are uninsured throughout the country, leaving $1.6 trillion in assets unprotected, the report found. The high cost of homeowners insurance is causing homeowners to go without insurance.
Drivers in most states are also seeing their monthly premiums reach all-time highs. The motor vehicle index portion of inflation rose 0.9% in February, the Bureau of Labor Statistics reported. Over the last year, the index increased by 20.6%, indicating a spike in auto insurance costs for the entire country. The rising cost of used cars and trucks added to this index increase. Its own index increased by 0.5% from January to February. Last year, 31% of drivers saw their car insurance increase, J.
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